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What to Look for in a Student Bank Account

Students need money – it’s a fact of life! They need money to live, to pay their bills, to pay their rent and to pay their way through college, and many student bank accounts offer incentives such as large 0% overdrafts, freebies and more. Learn what to look for in a student bank account and what you need to know about using student accounts below.

Look for the Biggest 0% Overdraft

Banks try their hardest to entice students and they’ll use a whole host of tips and tricks to get you through the doors, but it’s important that you hold out and wait for the biggest and best overdraft at a 0% interest rate – unless the freebies beat it. Some banks offer travel cards that’ll give you a huge percentage off of travel across the country, and this could be a good option for you if you do lots of travelling. Some banks will offer freebies like televisions and games consoles and again, this could be a good option if you were going to buy one of these anyway. Generally though, your best option is to go for the biggest 0% overdraft so you have those additional funds in place just in case.

Look for the Lowest Interest Rate

An overdraft might be charged at 0%, but if you go over that overdraft limit, you’re in dangerous territory as far as interest rates are concerned. Interest rates outside of your overdraft can range from 20% to 35% and so it’s a good idea to choose the account with the lowest interest rate outside of your overdraft just in case you go over your limit. Keep in mind however that going over your limit can also incur one off charges and it might also have an effect on your credit score, so be sure not to go over your limit unless it is absolutely necessary.

Don’t Choose the Closest Bank or ATM

Most students don’t do their banking within the bank anyway – they just use ATMs to withdraw money and their internet bank account to do their day-to-day banking. Instead of choosing the closest bank or ATM, or choosing an account because that’s where your parents have banked, look for the best offers and deals. And remember, just because an ATM is branded with a certain bank doesn’t mean that you can’t withdraw money from it if you bank with another provider – virtually every ATM is open.

Switch to a Graduate Account

Once you’ve graduated, make sure that you switch to a graduate account to get the very best offers and deals. Unless you’ve got into a lot of debt throughout your time at college, you’ll be able to use lower interest rates and lower interest overdrafts to pay off the debt that you’ve accumulated. If your debt is particularly high, you might not be eligible for these types of accounts, so it’s really a good idea to limit your spending through college and only use overdrafts, loans and credit cards that you can afford to pay off.

Finally, what you might not know about student accounts – your credit history starts with your student account, so be sensible with it!

Your Guide to Offshore Bank Accounts

An offshore bank account is a legal way to bank your money. Offshore accounts have all sorts of dangerous and sexy connotations – they seem like the type of account that James Bond villains would use, and although there are a number of reasons why a person might use an offshore bank account, they tend to be to do with tax and liability. People might want to lower their tax bill or reduce liability – having the money in a different country means that you pay a reduced tax rate, and it also means that your money is in a different country should you run into trouble with creditors – money in a different country means that it’s ruled by that government’s laws.

Opening an offshore bank account is not illegal. However, if you open it for an illegal reason, such as because you want to evade taxes or because you’re hiding your money – or simply because you owe money and you want to hide it away – you could still get into trouble. If your reasons for opening an offshore bank account are just, for example because you want to operate your business in a number of different countries, then you should be fine. One problem with offshore accounts is that if something goes wrong, your money is no longer guaranteed. Banking in the U.S. ensures that you get your money if someone gets access to your account illegally or if the country goes bust or if the banking system fails. If something goes wrong in another country, your money could disappear – and there wouldn’t be anything you could do with it. Banking offshore carries risks, and this is definitely one of them – especially given the current global economy.

Opening an Account

Before opening an offshore bank account, there are a number of things you need to know about the money that you have to put in and where in the world you need to be. Most accounts can be opened with just an email, but others will require phone contact too. Every offshore bank account will have a minimum deposit and a minimum amount of funds that you have to declare. This can vary, but $10,000 is usually about the level that you’d be looking for.

It’s always worth remembering that your money is somewhere else – you are in a different country to it and so if something goes wrong, there is absolutely no way to protect what’s yours.

Where to Set Up an Account

Generally, the location of an offshore account is chosen simply because of the benefits that it offers. There are a number of very popular locations for offshore accounts and these are as follows:

Singapore: Singapore has the lowest tax rate in all of Asia and it also invests into the economy of China – this means that investing in a Singapore offshore bank account should save you money on taxes, you’ll also be investing into one of the world’s fast-moving economies. Local experts at the bank will also be able to pick and choose where to invest your money and because the economy is so strong, your money could be incredibly safe in Singapore. It’s also very easy to set up an account in Singapore and is pretty much the same process as setting an account up in America.

Luxemburg: Luxemburg does have more red tape than other locations for offshore accounts, but your money could be well-protected. Luxemburg has a very stable economy and although it might not grow as quickly as the economy in Asia and you’ll have a slower rate of growth, the trade-off is that you’re not investing money in an economy that is strong but still developing. You’ll also need to have a reference from the bank that you currently bank with and you might need to answer a number of questions about what you plan to do with your money in the country, if anything. Investments alone are also accepted.

Switzerland: often chosen because of the secrecy surrounding private affairs in Switzerland, accounts here are an excellent choice as most legal matters such as divorce, bankruptcy and taxes are considered to be very private. Switzerland is also unlikely to bow to pressure from different countries, but if a creditor or someone similar knows that you have a Swiss bank account, they’ll want to find out if you’re hiding something.

Cayman Islands: the Cayman Islands are another popular choice for offshore accounts as it is very possible to be very secretive with your money. Corporations tend to be catered to very well in the Cayman Islands and accounts can be opened with just a corporation name. That means that if you have a number of holding companies, your name can be obscured. The islands don’t supply deposit and credit information either – that’s supposed to be your job so that you pay your taxes properly!

Banking offshore can be a very good way to secure your investments, keep your money safe and grow your business. Offshore bank accounts don’t require you to report your income to the tax man. Unlike accounts in the U.S., offshore accounts leave you on the honor system – meaning that you have to report your income. If you don’t, you will be breaking the law, and you might have to bring your money back into the U.S. – or go and live where your money is located permanently and be liable to the taxes of that country. Remember, no money is tax free and no matter what you do with it, you will need to pay taxes somewhere. Hiding your money because you want to hide from the tax man will come back to bite you on the behind – so use offshore accounts wisely, and above all, legally.

Guide to Student Bank Accounts

Being a student is always tricky – you’re somewhere between being a child and being a fully-fledged adult and you’re trying to find your way in the world. Student bank accounts are just one example of how students get a little bit of a short deal during their late teenage years – they need their own bank account, but they’re unable to get an adult account and they’re too old for a children’s account. Luckily, there are a few bank accounts that are specific to students – although which bank account you end up with depends on which type of student you are. Take a look at our quick guide to student bank accounts for more advice.

Young Person’s Account

Most banks offer a “young person’s account”, usually targeted at students either just below the age of 16 or just over the age of 16. Generally, young person’s accounts offer most of the benefits of a children’s account, but in a lot of cases, young person’s accounts have limited functionality in terms of paying money in or out. Most young person’s accounts can accept money, while debit cards associated with young person’s accounts can pay for items online and in shops and withdraw money from automatic transaction machines, but many of them can only pay out in cash. That means that direct debit payments cannot be set up from a young person’s account, although this will differ from bank to bank.

Student Account

Student accounts are typically offered to students in high school and college. Student accounts are virtually the same as an adult account. Students can set up direct debit payments, pay for items online and in store, use their debit card to withdraw cash from ATMs and set up automatic payments. Generally, student bank accounts are completely free, meaning that students don’t have to pay to have a bank account. However, some student bank accounts will also offer an overdraft facility of up to $2000, depending on status, which students can use as a cushion if they run out of money for paying their bills. Overdrafts are generally free if you pay back any money owed on the overdraft within the month. If not, there is generally an interest charge of up to 30%. If you must use your overdraft facility, try to pay it back within the month, if you can.

Graduate Account

Graduate accounts are what students move onto when they graduate college. They have all of the benefits of a student account, including the ability to make and receive payments, the ability to withdraw money from an ATM and the ability to access an overdraft. The major difference between a student account and a graduate account is the amount of overdraft available. Typical graduate accounts could come with an overdraft of up to $4000, depending on status. The reason for the increase in overdraft on a graduate account is to give students a helping hand when it comes to paying their bills and finding a job when they are fresh out of college, although the interest rates typically remain the same.

Student bank accounts differ from bank to bank, so ask your local bank about anything you’re not sure of.

Guide to Basic Bank Accounts

There are so many different types of bank accounts out there that it can be tricky to work out which bank account is right for you. With everything from basic bank accounts to cash only accounts and prepaid bank accounts, without a guide to tell you exactly which bank account provides which benefits, it’s difficult to know exactly which account you need. Read on for our guide to basic bank accounts.

Basic Bank Account

Basic bank accounts were originally set up to enable those with poor credit histories and those who are less well off to have access to bank accounts and day-t0-day banking facilities. Basic accounts were set up for those who were unable to get a “normal” bank account due to having a poor credit history or no credit history at all.

Benefits of a basic bank account:

Allow you to pay in your wages, benefits, credits and pension
Allow you to set up standing orders, direct debits and direct payments in order to pay your bills
Allow you to spend money using a cash card

The difference between a basic bank account and normal bank account is that you’re unable to have an overdraft facility or a chequebook. This is useful for people who are worried about overspending, as you are unable to go overdrawn and so you don’t have to worry about being able to pay back the overdraft. However, if you fail to make a bill payment or if you don’t have enough money in your account to pay a bill, a charge will be put onto your account. If you fail to pay the charge within a set number of days, you’ll accrue more charges.

Cash Card Only Account

Cash card accounts allow you to pay money into an account, through your wages, benefits, credits and pension. However, with most cash card accounts, you are unable to set up standing orders or direct debits. You can make one time only payments from these accounts but you are unable to set up direct debits as the bank will see you as a risk. The bank may well expect you to default on your payments and so they do not allow you to set up a direct debit in order to prevent you from accruing charges. You are also able to use the card to withdraw money from cash machines and to make payments in shops and online. Your card will be rejected if you do not have the money available in your account.

Prepaid Bank Account

Prepaid bank accounts are becoming more and more popular – but they’re not actually bank accounts. Prepaid bank accounts are actually prepaid cards that you pay your wages into (you can also top them up with money at certain stores and cash machines). You can then pay your bills from the account. Again, bills can only be paid from the account if there is enough money in the account to pay them. If you don’t have enough money on the card to pay your bills, you’ll be charged, and if you don’t have enough money in store or online, your card will be rejected.

Basic bank accounts can be very useful, especially if you have a low credit score. Contact your bank to find out more.

Multi-Currency Bank Accounts

The main idea behind investing in a multi-currency bank account is maintaining the value of your hard money even during weak economic times. With this account you can easily exchange the money in a particular currency. In short, it is the most simple and easy way to diversify the dollar while having a single account number. Many banks who offer foreign currency bank account give the custo

mers an option of wide range of currencies such as US Dollars, Canadian Dollar, Euro, British Pounds, etc. Many banks even have a provision for keeping gold in the account.

Advantages:

There are numerous advantages of holding this type include:

Multi Currency Bank Accounts

It is ideal for people who are involved in a lot of foreign currency payments in form of shares, dividends, selling and buying of real estate property or for people who send out money to their families in different part of the world. With this bank account you can easily wire money in and out in different currencies.
Easy to handle as for all the currencies you have to maintain only a single bank account number and using that all the transactions in various currencies are done.
You can convert any amount of money in a particular currency. This comes in handy when a particular currency sees a downfall in the market due to the fluctuating economy thereby it reduces currency risk and you don’t lose your hard-earned money.
Many banks offer low conversion or exchange rates if you frequently convert in a particular currency. This feature makes transaction for business person and industrialist working across the globe easy and cost-effective.
Such banks also give an option of depositing surplus funds without the cost of converting or exchanging them to sterling.
In addition to this, you are also entitled to competitive interest rates against most of the currencies. However, this feature is available only for deposit account and not for current account.

Apart from these features the banks offer monthly statements, drafts, electronic transfer and foreign transfer. You don’t have to maintain a minimum account balance for such accounts. In short, you enjoy most of the features of a normal bank account and in addition to some extra b

enefits. The benefits of the foreign currency account vary from bank to bank and the cost of opening a bank account varies acro

ss the globe. Read the terms and condition of the bank before making a final decision.

Banks often incur additional costs for administrating and maintaining a multi-currency bank account and you might be charged extra in the name of banking services. And, because of this reason banks generally look for customers with higher net worth or customers who transact a lot in the various currencies. Also, American citizens who wish to have a multi-currency account have to declare this fact to the IRS that is the monitoring organization for such banks. To avoid any confusion on a later stage, it is best to get this doubts cleared from the bank.

Money market savings account and their interest rates

People are always enticed investing in money market savings account literally because they pay you high money market interest rates which in turn yield high. Apart from high money market account rates, there are decreased level of transactions along with safety as well as guarantee.

Money market savings account

These savings accounts are just phenomenal because they yield you with best return on investments. The money market interest rates vary from one country to the other depending on the economical condition. These accounts are basically offered by banks, credit unions and other huge financial institutions. The money can be saved for a time period of 1 year or even more. Though there are advantages of using theses money market account, there are drawbacks as swell. Let us look about the advantages as well as the disadvantages in detail:

Security: These accounts are basically insured by FDIC (Federal Deposit Insurance Corporation) and hence they are basically secured. Even if the bank fails to secure your savings, FDIC definitely will and hence the depositors will not have to worry about losing their cash. The risk factor is completely low when compared with other investment plans like stock market and mutual funds.
High minimum balance: The main drawback of using these accounts is none other than having a high minimum balance. The account holder or the depositor is asked to have at least a minimum balance of $5000. Even if an account holder fails to maintain the minimum balance, then the financial institution might incur a penalty.
Maintenance costs: If you are on the safer side in sustaining the specified minimum balance, then there wouldn’t be any fees charged on you but once you drop down from the minimum balance, then you will have to pay them with certain cost. There are certain banks which put up separate charge for maintenance every year. Though it is common for all the banks, the charges differ from one bank to the other, thus look for the ones that charges less.
Limited transactions: These accounts will generally ask you to make transactions only for a specified number of times in a month. Even if you exceed the quantity of transactions in withdrawing funds, then you will have to pay the financial institution a penalty.
Liquidity: Compared to other accounts, these possess high liquidity because they are easily accessible. They are completely flexible but the drawback is that they are not as liquid as the checking account. In these money market accounts, there are restrictions in the usage of checks.
Yields: Since they are completely insured by the FDIC and as well as offer high interest rate, the yields are also high. The more cash you drop in the account, more will be the yield. Talking about the risk, they are less when compared to the other investment plans.

Before choosing these accounts, you will have to research a lot of financial institutions offering these accounts. You need to look into the money market account rates offered by banks and other financial institutions. You will have to shortlist few of the service providers and use a comparison tool to check for the best interest rate offered by the service provider. You need to check if the account will suit all your needs. You need to check on every factor associated with the financial institution as well as the bank.

What is best bank interest rate for home loans?

Who doesn’t wants to live in own homes? Everybody has this wish and there might be times when people may not be able to afford with all the expenses related to buying a home. At such critical times, banks can really help you. But you will have to take cautious step in picking up a loan so that you don’t find it hard to repay them. You will have to look for the best bank interest rates. There are certain banks which offer high interest rates and one must never pick such banks as it becomes really difficult to repay the loan amount which you have borrowed. To qualify the best bank interest rates, you definitely need to possess a good credit score and shouldn’t be blacklisted in ChexSystems. Even if you have been blacklisted, then you can recover from it with the help of second chance bank accounts.

As there are lots of people involved in buying homes, you can see a lot of financial companies coming forward to the customers with various interest rates readily offering loans. Some companies will have high interest rates and some can be low. You shortlist the ones that offers less interest rates. You will have to do a complete research on the financial company so that you can find a good loan. Also you will have to search for the various options that are there in the market. There are certain banks that offer different rates for the people who are salaried and who owns a business. You must check with every little thing that you fit into. You need to pick the one that helps you in fulfilling all the basic requirements. You need to plan accordingly so that you can repay the entire loan amount on time along with the interest. In spite of researching a lot, if you do not really find attractive interest rates offered by the banks, you can get the assistance of a broker who can really help you in getting the finest rates. While hunting for the loans, you should not only look at the interest rates, but also you must be able to know information about the company’s reputation, total cost, duration etc.

The interest rates keep changing. It completely depends on the nation’s economical status. To save some cash for your needs, you can drop your money in the banks as they are the safest place to invest in. The risk factor is completely less when compared to other investments. Since it is connected to the bank, they are completely secured and safe with a guaranteed income even it is less. The bank will pay high if it performs well in the market. Generally banks will make money with the interest rates they get from the mortgages and loans which they offer to people. This is connected deeply with the economy as well. Only if the country’s economy is well, people will earn well and they will be able to pay down all the interest rates on the money they have borrowed from banks which in turn bank can earn some. Finally you will get good returns from the bank on the amount you have invested. Everything is interconnected to each other. Yet another factor that affects a bank’s interest rate is none other than inflation. Inflation is none other than sudden price hike in all the commodities and goods which we use in our day to day life. For example you might saw news about the sudden increase in the prices of vegetables, fruits, oil, diesel, petrol, gold, silver and many more.

What are second chance bank accounts?

If you think that only when you purchase savings bonds, you can secure yourself, then it can be wrong. There are second chance bank accounts as well in the market that can help you to save better. Let us have a closer look on some things.

What are second chance checking accounts?

When you often write down some bad checks for over-drawing cash from the bank account, then you soon might be blacklisted in ChexSystems. As this happens with you, banks will never let you to open a new account unless all the problems associated with the previous banks are cleared. There are certain banks which readily help you in correcting all your mistakes down if you have been blacklisted in ChexSystems. These types of banks can help you a lot in rectifying all your previous mistakes. You will have to pay a small price in order to get the credit back. They offer similar features same as that of normal checking account but has some safety measures for total protection. The safety measures took by the bank for them are as follows:

The accounts are checkless which literally means that you will not have rights on check-writing.
There are no chances of over drafting the account you hold and the limits on spending is set by the bank alone.

Most of these accounts will offer a card for accessing the ATM machine in order to withdraw some cash. Other than the ATM facility, it also offers online banking facility, online bill payments as well as monthly statements through online. To qualify for these second chance checking accounts, you will have to clear up all the problems which you had with the previous banks. You must then pay back all the cash that you owe from others. It also requires a minimum balance to be deposited while you open it. There will be monthly charges as well which can be either $10 or $25. This charge completely depends on the bank you choose. Once you know that you have been blacklisted in Chex, it is better to find for a 2^nd chance checking account so that you can improve your credit score quickly.

What are second chance bank accounts?

The second chance banking accounts are for people who are not able to acquire the traditional checking account or a savings account. The second chance bank accounts are an ideal solution when you have been blacklisted in TeleCheck or ChexSystems. These two are just like the 3 credit agencies that take care of your credit score. If you have been blacklisted in any one, then you will have to take some action. The second chance banking will assist you in making a new start with a fresh responsibility. When you have a bank account, you will be able to save all the cash in a safe way and earn some interest with the amount you have deposited. To open up the 2^nd chance bank accounts, you will have to pay a very less amount. There is no requirement of credit check with such accounts. The procedures for opening these accounts are really very simple. All you have to do is to fill in the application form with all the necessary details along with a photocopy of your ID and a tiny deposit. When the account has been opened, you are free for making some transactions. There is plethora of companies that have started to offer such accounts but you will have to make a complete research on it so that you can pick the best one and which fulfills all your requirements.

What are government and national savings bonds?

Apart from knowing “what is earnest money” in the previous article, you should have good knowledge on the savings bonds as well. You can purchase savings bonds in order to secure your future. The bonds have always been a good way of investment as they are completely secured and help to overcome a financial crisis. When you purchase savings bonds, you have to make a complete research on it so that you can pick up the one that is best in the market. Bonds can be of many types like: Government savings bonds, national savings bonds etc. Let us look in detail about these two:

Government savings bonds: If you are watching for a safe investment, then probably this is the place to invest. Government bonds have low risks and guaranteed income. You can earn with the interest rates put up by the bank on the principal amount you have deposited. Bonds can basically be classified into 2 types which are as follows:

Series EE bonds: This type of bond involves very minimum risk and you can buy them with the help of a Treasury Direct account. The rate of interest depends on the current market condition. The bonds that were purchased after 2005 can earn an interest rate that is fixed whereas the bonds that were purchased between the years: 1997 (May) and 2005 (April) earns a varying interest.
Series I bonds: Investing in this type of bond is termed as liquid investment as it protects you from inflation. You can earn a good income with such bonds. You can purchase them with the help of a Treasury Direct account. You can earn interest for about 30 years.

National savings bonds: Recently, the NS&I (National savings and Investments) had withdrew the index linked bonds and thus leaving plenty of potential investors to search for the savings bonds. The index linked bonds of NS&I was also known as RPI linked bonds and had a guaranteed income. It was completely free from tax with a five year fixed time duration. The bond became very popular and had a sale of 50000 in 4 short months. The index linked bonds is the only bond that offers total protection from the huge expenses and inflation. Even though the deal is no more there in the market today, experts are looking forward to some other bonds offered by NS&I in coming April. There is a big gap in the market today and there will definitely be tax incurred on the other bonds. In spite of the interest rates being low, the RPI linked bonds has a good position in the market today. The savers will always have to find for a better approach in the bond market so that they can survive when there is a financial crisis. Before investing, you will have to make a complete review on the current interest rates going on in the market. The potential investors who are looking forward in buying the index linked bonds have to be very careful or cautious about the interest rates of inflation. It is essential that you read down all the terms, policies and conditions of any investment plan before investing. Only when you have some idea about it, you can decide things properly in making money. You will also have to be very cautious about the fixed time so that your hard earned cash doesn’t gets locked by chance and you don’t end up in paying penalties for your own money. But there would be separate charges when you withdraw the cash before the time duration. Have a look at every minute thing connected to the bond.

What is escrow agreement and earnest money deposit?

What is escrow agreement?

An escrow agreement has to be established during the phase of software development. The set-up process of escrow has to be very direct and an escrow gent sends you the.doc copy of agreement and requires you to comment on it before forwarding it to the specific client or a supplier to comment further. Once both the parties have commented on particular agreement, it further proceeds with the final approval. As the final approval is finalized, it will be circulated for the signatures where a software owner has to 30 days time to deposit for source code. You need to check with all the things associated to the escrow. Some of the things are as follows:

Make sure that all the media are completely free from virus.
Check if the media as well as the files can be easily read.
Check if the expansion utilities are there if compressions have been used.
Check for the source code.
Make sure that source code is readable as well as understandable.

To maintain the source code, you will have to note on the following things:

Indentation
File structure
Variable names
Procedure names
Version numbers
Source comments
Modification history
Appropriate file names

Get to know more about offshore bank accounts as well.

What is earnest money?

It is none other than the term used in real estate business. It doesn’t have to be money though. It can be anything that holds a good value. For instance – car, elephant etc. As the transaction gets closed, the earnest money can be then applied as either down payment or can be returned in the form of cash back to you. The earnest money deposit is paid in the form of check to a buyer’s agent by signing the initial contract. The earnest money deposit will then be put in escrow account. The earnest money deposit is sometimes referred as good-faith deposit and it is generally deposited in the escrow trust.

Let me explain you with an example. Consider you are buying a real estate land or a property and you have made an offer for it. When an owner of the specific land or property accepts the offer given by you, then the purchase contract will be drafted and the earnest cash will be held by impartial 3^rd party company unless the contracts are signed finally. When you offer a perfect earnest money, then it can be enticing to the seller’s eyes and it can help you in accepting your offer soon. When a person deposits the earnest money, it will be regarded as down payment on the property they buy. But it is better not to put in more money as earnest money because things keep changing. To ensure that you are getting the earnest cash back, you will have to cancel a purchase agreement. You need to check if all the contingencies are in place.

You need to know firstly that if you will be able to sell your property or house or land with an appropriate price. If you can then its fine but if you can’t then what strategies you will have to apply in order to push the specific sale. Probably if you are a buyer, then you will also have to check if the house really needs some repairing works. If this is the case, then you can ask a buyer to lower the price as the house is not completely polished. In this way, you can get your earnest money back because these are some of the valid reasons for getting the cash back.