The most important point for accounts savings:
When one has money that is not to be in use in the immediate future, it is better to keep them save in account savings. The account savings provides a way to keep the money save, away from any house breakers that might be just waiting in the outside. With the higher rate in crime and increase in sophisticate crimes the need to have an account saving is critical.
Some have concluded it is more or less a driving license. Money is used major to pay for services and good. Savings account ensure that one get to pay for services and goods via accounts credit cards that are only usable when there is money in the account. These process reduces need for one to travel with large sums of money at anytime.
Most of the accounts savings holders get free ATM cards that work both locally and internationally. This ensure that the accounts saving holder get access to their cash from any corner of the world with no problem. The account can allow cheque payment and will procure any cheque that has been issued to the account holder with no problem.
The account interest rates are attractive:
Good accounts saving is made to help the holder save his income the interest rates are higher but not higher as compared to bank lending rates. This is because the banks always wishes to make money. The accounts savings allow the holder to make money from the rates offered by the bank. Most of this kind of interest is single digits and a few banks get them past the 10 percent rate.
The interest is compounded and paid either monthly quarterly or yearly depending on the packages provided with banks. Accounts savings is one of the good tips to make an extra income especially when the kind of money one is having at hand is good for example if one has $1000 and the compound interest is 5% monthly then the accounts saving holder will make a saving of $50 this might go higher if the figure saved is higher.
Terms and conditions for accounts open as saving account:
Also one need to know and read the bank policies so that by the time the account holder get an accounts saving the he exactly understand what role to play and what not to do when dealing wit the accounts savings. Some don’t allow wire transfers and access to cash via cheque books which should be well iron at the table before one get an accounts saving with a clear mind of what he/she will expect.
Many accounts saving holder don’t need to be worried about their money getting stolen or being destroyed this is because most of the accounts saving are insured thus no need to worry of any damages that might lead to losing or destruction of the money.
Helps in creating the ritual of saving
For one to save and be able to save and always keep his/her money save there is need to have savings accounts to be able to save for a given course like wedding, a home and other needs that may require huge financial needs.