SAVINGS ACCOUNT

Savings accounts are opened by individuals and maintained by banks, credit unions and other financial institutions. Savings accounts pay interest on money that is deposited in the account. However, the money held in the savings account cannot be spent directly, such as by writing a check. Savings accounts are mainly aimed at allowing account holders to set aside a portion of their liquid assets as a part of their savings strategy. Savings accounts that offer better interest rates to account holders are preferred, as they allow savings to accumulate faster. Therefore, people must compare the interest rates offered by various financial institutions to the find the best savings account offering the best rates. A savings account is a balance of funds maintained with a depository institution in order to accumulate money. bank account,best current account,best merchant account,best saving account,best savings rates,cheap merchant account,current accounts,current bank account,high interest current account,high interest saving account,individual savings account,internet saving account,online saving account,savings account interest rates It is a useful and time tested way of saving up money for whatever the future holds. The bank or depository institution makes a pledge to repay the amounts maintained in the account. Typically, such institutions are regulated in the United States and provide a depositor protection insurance, which guarantees the funds will be available when needed by depositor.Typically, longer term investments are put into equities or fixed deposits because they yield a higher rate of interest. Each depository institution maintains their own policies about how savings accounts can be used. In many cases one bank can have several savings account offerings depending on the type of customer they seek.People may open a time deposit account, wherein the cash deposited is kept for a predetermined tenure.

Many people use a regular account to help them start their savings. Once they have accumulated a tidy sum, they can consult the bank about the best savings account available. Some accounts yield a higher interest rate. This rate will be higher than a regular savings account, and will help your money grow. Money is hard to come by these days and finding a good savings account is essential if you want your investment to succeed.Few people have realized that a money market account is actually a form of savings. It often requires a minimum balance, but it will earn you a higher interest. If you have five hundred to a thousand dollars in the bank, a money market account is the best savings account for you.However, if you have bad spending habits, even the best savings account in the world will not be able to help you. Instead of relying on yourself to put aside a few dollars each week from your salary, have your company do it for you. If you have direct deposit, designate a certain amount to be sent out to your savings account rather than your checking account.There are also other alternatives that might work for you. Some credit cards feature some savings options. This often means that they round up your purchases to the next dollar and deposit your change into a savings account. This may be the best savings account for someone who is inept at saving and who loves to spend.

The banker is in the best position to help you if you are interested in finding the best savings account to match your needs. Some bank employees have the responsibility for helping customers with their decision to invest their money for optimum growth. Prepare for any unseen eventualities by finding the best savings account that can help your investment grow.However, withdrawals can be made after giving a notice or incurring loss of interest. A dormant savings account typically has no transactions except collecting interest from the savings amount for a specified period of time.A passbook savings account is one in which deposits and withdrawals are documented in the depositor's passbook. Other types of savings also include corporate retained earnings and a government budget surplus.In simple terms, ‘savings’ sounds easy to understand. However, there are a few definitions of what exactly the term savings can mean. One may argue that the portion of a person's income that is utilized on mortgage settlements and not spent on present consumption should consequently be termed as savings.Savings account function differently as compared to checking accounts. The numbers of withdrawals, as well as transfers that can be made per month are limited, and savings account holders do not have the option of using checks to do so. It is also possible to use the money in these savings accounts to make purchases. However, in order to make purchases, savings account balances need to be transferred to either transactions deposit that are also known as checkable deposit or currency.Offshore savings accounts are a great option available for people living and working abroad. Offshore savings accounts allow account holders to protect their wealth and hardearned assets.They also allow people with global business interests to conduct business in a confidential and private manner. Health Savings Accounts or HSAs are designed to assist individuals to put aside savings for future qualified medical and retiree health expenses without incurring any taxes.Savings accounts are established for the sole purpose of putting aside a part of income that comes in handy during retirement, emergencies or any future purchase. A flourishing savings account positively reflects on the account holders' credit score, as it establishes their superior money management skills.

Anyone who has extra money would be better off having some savings account in any bank. This means he has something to hang on to when the going gets rough for him financially.

The proper budgeting formula should be income less savings equals expenses. However, the economy has become so bad these days that people follow a different formula and that is income less expenses equals savings.The sad fact is that most often, there is nothing left after the expenses is deducted. What more, there are even some expenses that have not been expended even after the deduction. A savings account is what a person puts into a bank with a view of getting some interest for it no matter how meager. Most people put in money in their savings account to serve as their emergency kit.A person who wants to get money from his savings account could not do so by issuing a check against the account. He has to withdraw the money straight from the bank or from an automated teller machine before he can get his money or use it for payment.

Banks have different terms and conditions for savings accounts. The interest rates yielded by these savings accounts will usually depend on the period by which such savings account will be left with the bank without withdrawals.A person who wants to keep a closer watch should choose a savings account that has a passbook. Otherwise, all his ATM transactions should be reflected in a statement issued by the bank at certain periods.High interest savings accounts are the most sought after type of savings account because this is how people make money out of their savings. However, the very basic savings account can only yield an interest rate of less than four percent of the total amount deposited.Some people may create a savings account because they want to save money for retirement. All of these reasons are typical for most people. There could be thousands of reasons that any one person opens a savings account. The problem is what type of saving account do you open? Well, first things first, you should know that the best benefit of a savings account is that they all earn interest on the money in the account. Typical interest rates are anywhere from .55% to 4.25%.

Banks usually have many different levels of savings account that all require different deposits and balances. These range from regular savings to what may be called platinum savings, money market accounts and retirement accounts. Each will have different fees, deposit and balance requirements. You will want to research different banks to find the one most suitable for your savings account needs.The internet has made life easier for a great many people and it is no different when it comes to banking. The internet has opened the doors to many more options when it comes to a savings account. Thanks to the internet, it has never been easier to do comparison shopping with different banks. You can shop and compare the different rates and other benefits, right in your web browser. Talk about convenience! What is even better is that the internet has now allowed people to do their banking right online, in the comfort of their own home. You should consider opening an online savings account.By opening an online savings account, you will be able to have complete control over your money in an instant. You see, many people have turned to an online savings account because it sure beats going to the bank every time you need to check your balance, transfer money into a personal checking account or just see what transactions have occurred in your online savings account. You can have access to a statement prior to ever seeing one in the mail.

MERCHANT ACCOUNTS

Merchant account offers innumerable benefits that surpass those offered by a credit card or a pay pal account It enables you to receive payments from all sorts of credit cards It is of great value to the businesspersons as they can immediately process the payment of their customers Credit card is just an alternative to cash or check that enables you to make the payment for your purchase or any other transaction that involves the exchange of money Credit card is basically required by almost every person who wishes to carry out the transactions without any hassles sitting in his her own comfort zone It is merely a form of making the payment and not the means itself Well talking about the pay pal account it enables the buyers as well as sellers to exchange money for their transaction via email Merchant accounts offer you the benefit of indulging in offline transactions as well which is not there in case of the pay pal account Pay pal account does not take into consideration the face to face transactions

Pay pal can be described as the electronic version of the traditional payment system The consumers using their credit card to access their pay pal account are required to sign up an agreement without which they cannot ask for protection under state laws such as the Federal Fair Credit Billing Act In case of a pay pal account the problem faced by the consumers is attended only if it has been filed within thirty days from the date of purchase Merchant account enables you to obtain the money earned within 48 hours of the transaction The payment gets automatically credited to your business checking account Unlike a pay pal account there are no restrictions on the volume of sales if you maintain your own merchant account The merchant account ensures that the flow of cash from one account to another is not hampered in any manner With pay pal account you can take the orders only by accessing your company website However in case of a merchant account the orders can be taken from not just the website but also from the office factory and trade fairs and exhibitions It can be concluded that merchant account is in all aspects better than the credit card or pay pal account A commercial account or a merchant account is established by an agreement between the bank or the merchant account provider and the businessman or the merchant is known as a merchant account This agreement has a welldefined set of rights warranties and duties You can approach the bank or the payment processor to get the account Once you decide to set up a merchant account to accept credit cards try to compare the offers of the various banks or the merchant services provider After you approach the bank the bank requests information about your business to access it According to this assessment it determines what fees you will have to pay for the transaction the processing time is around 1 to 4 weeks Budding businesses may take more as the bank requests additional information from them Generally the bank requires information about your business history performance particulars details about your expected turnover business accounts average transaction values and what goods and services you are offering or selling before setting a merchant account and providing credit card machines.

A merchant account enables one to accept credit card payments. There are different kinds of merchant accounts, and Internet merchant accounts are one of them.Such accounts can be used only for online transactions. To process credit card payments one has to use a payment service gateway. These kinds of gateways are now part of most business webhosting packages. They can be customized to cater to the requirements of merchants. The transaction fee charged by Internet accounts is higher than the retail and Mail Order Telephone Order (MOTO) accounts.While operating an Internet merchant account, security is an important issue. The nature and volume of business determines whether you need an Internet merchant account or not. One should read and understand the terms and conditions for operating this account carefully, before accepting them.If you have $100, you can easily open an Internet merchant account; if you are paying more than this amount then you are being overcharged. Internet merchant accounts provide an account holder the ability to process transactions anywhere in the world. You can do it while traveling.

An Internet merchant account can be opened in a few minutes by filling out a form which is available online. It gets activated within seconds. Earlier, when online merchant accounts were not available, it used to take at least a few days and a few hundred dollars to open a merchant account. But the advent of the Internet merchant account has revolutionized the concept of merchant accounts. Even small businesses can afford to open such accounts. If you have a problem in operating your Internet merchant account, you can use the technical support made available by your banker. Business that are small, home based, deal with mail order, or operate online can benefit from a merchant account service. The merchant account service allows the customers to pay for goods in an easy and safe manner, while allowing the business owner to accept more modes of payment. There is a "win win" for both the customer and the business owner.The business owner can set up these merchant accounts for a low processing fee. Today, with the advance in the industry and the online business, there are several merchant account providers in the market and each offers similar service with few valued added features.With more and more consumers today going online to make their purchases or using their credit cards, it would be a wise decision on the part of the business owner to have access to merchant account service. This way he or she would be able to tap into a big customer base.Having a merchant account service that includes acceptance of major credit cards can increase sales up to 40%, according to studies.One major benefit that a merchant account service provides the customers is that they are able to process their orders in an easy, rapid, and reliable way. The business owner is able to accept their choice of payment method quickly and easily. Many merchant account service providers now accept personal checks to draw in more customers.

TYPES OF ACCOUNTS

There are several different types of bank accounts Understanding them all can be difficult as each banking institution may offer a broad range of bank account types However most bank accounts fall into one of five categories By learning the different account categories you can make deciphering the choices offered at your banking institution much easier

Checking Accounts

Just like it sounds this account allows you to write checks against the balance you hold in your account as well as access your money through an automatic teller machine ATM It is a functional account best used for everyday expenses and not for longterm savings as it doesnt earn the highest interest rates available from bank accounts Most banks offer a myriad of checking accounts from which to choose

Saving Accounts

A savings account is another type of bank account that allows the holder to make deposits and withdrawals However savings accounts are not as flexible as checking accounts

Often holders of this type of bank account are limited in the number of withdrawals and deposits they can make each month Also savings account holders are not able to access their money with checks Many financial institutions allow savings account holders to make deposits and withdraw funds through ATM

Money Market Accounts

Most institutions offer an interestbearing account that allows you to write checks called a money market account This type of account usually pays a higher rate of interest than a checking or savings account does Money market accounts often require a higher minimum balance to start earning interest but they frequently pay higher rates for higher balances Withdrawing funds from a money market account may not be as convenient as doing so from a checking account Each month you are limited to six transfers to another account or to other people and only three of these transfers can be by check As they do with checking accounts most institutions impose fees on money market accounts

Time deposits frequently referred to as certificates of deposit CDs are bank accounts that require the account holder to make a deposit and agree to leave funds in the account for a specific amount of time In return for this agreement the financial institution pays interest to the account Often the interest paid on a CD is higher that the rate paid on other types of bank account The account holder is required to keep his or her money in the account until the specified term is over However some financial institutions allow account holders to withdraw interest without affecting the principal In some cases account holders may be allowed to withdraw their principal funds before their CD matures but a penalty is typically charged

Some financial institutions also offer basic nofrills bank accounts A nofrills bank account may allow the holder to pay bills and cash checks without paying the high fees associated with completing such transactions without an account An account of this type will likely allow for only a limited number of checks deposits and withdrawals to be processed in any given month In most cases interest is not paid on a nofrills bank account

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