Interest Rate
Two kinds of bank accounts exist: a bankbook savings and high interest savings account. bankbook savings accompanies a pamphlet to assist you track your deposits, withdrawals and interest increased. The interest rates on bankbook savings area unit sometimes lower. High interest savings accounts operate kind of like bankbook savings with the most distinction being the number needed to open them and, obviously, the rate is higher. Also, high interest savings accounts sometimes need a better daily balance.
Features
Your savings desires can verify the options in your bank account that's best for you. as an example, some banks can issue you a charge account credit to create withdrawals from your bank account likewise as on-line access to look at your account. order of payment protection is additionally obtainable. order of payment protection permits your bank account to be a backup if you overdraw your bank account.
Protection
Savings accounts area unit protected by the corp (Federal Deposit Insurance Corporation). Savings accounts beneath $250,000 area unit protected. people that have saved quite $250,000 can sometimes open quite one bank account to make sure all accounts make up $250,000 for defense.
Liquidity
Personal savings accounts aren't meant for frequent withdrawals of money from the account. folks opt for savings accounts with the intent of long savings. Banks might solely enable a restricted quantity of withdrawals per month before you're charged withdrawal fees. This policy is to discourage people from taking cash out of their bank account, that makes it easier to avoid wasting.
Purpose
For those fascinated by saving for retirement or school there's a selected bank account that serve that purpose. people that open savings accounts for long savings can have larger penalties for retreating funds timely. as an example, penalties will be as high as ten % for retreating funds from a retirement bank account.
