Regular and joint savings accounts

Savings accounts play a very essential role in our life. The cash you deposit is completely safe and also helps you in earning with the help of interest rates offered by a specific bank. You need to investigate a lot of things about the financial institutions in order to know their benefits and rates. You can check them with the help of online websites and local newspapers. You need to compare the interest rates on savings accounts, with the help of online comparison tools so that you can pick the one that suits your needs. Savings account can be opened with various types. For instance, you can look for joint savings and regular savings account. Let us know something about them even more through this article.

Joint savings account

joint bank accounts

The joint bank accounts have a lot of benefits. The joint bank accounts help the couples in various ways. Rather than opening up 2 accounts and maintaining it separately, couples can maintain as well as deposit the cash with one single account. It helps in building up the savings faster than any other account. It can also help you earn more interest from the cash that is deposited. Each individual associated with the joint account will have complete access on it which literally means that either one can withdraw the cash at any point of time. To open a joint account, you will have to follow the below steps which are as follows:

The first and foremost step begins by selecting an appropriate bank. Investigate the bank properly so that you can come across various things. You can search about them through their official website. You can get to know what sort of interest rate they put up on savings accounts which are of joint type. You can take the help of Bankrate.com website in order to know about the various rates offered by different banks.

Once you choose the bank, you can open the account either by visiting the bank directly or through online. There are certain banks which will ask you to open the account only when you meet them directly. Check on all those things before opening it. For opening the joint saving account, you will have to give your name, residential address, social security number, contact numbers, city you live, state and other personal information. There will be separate forms for both the account holders which you need to fill it. Once you submit the application, it will be verified and then intimated to you if you qualify with all their requirements in order to open the joint account in their bank.

Regular savings account

The regular savings accounts are the ones which a bank offers and with which the account holder can earn through interest. It is absolutely liquid because funds can be withdrawn at any time without any kind of penalty. They are basically characterized by low interest rates and low minimum balances. There are many advantages of using these regular saving accounts which are as follows:

  • Ease of use: It is very easy to access these accounts. You can open such accounts in nearby banks which are close to your residence and where you have your checking account. You can pull the money whenever you are in need with the help of an ATM card.
  • Rate of interest: The interest rates on the savings account depend on the current market trends. However these accounts will always earn an interest even it is low or high. There wouldn’t be any loss in the money.
  • Security: FDIC guarantees complete security on the cash you deposit even if a bank fails. When you compare these accounts with stock market or other money market funds, there wouldn’t be any guarantee for security.

Leave a Reply

Your email address will not be published.