Archive for the ‘Bank Accounts’ Category

Checking Accounts

Regular Checking Accounts This type of?bank accounts requires you to maintain a minimum balance at all times. The amount of the balance varies, depending on the bank, but typically it ranges from $300 to $1,000. In exchange, the bank offers “free” checking: you can write as many checks as you like each month and will […]

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What Is A Specific-Purpose Savings Account?

Specific-Purpose Savings Accounts The prime examples are the familiar “Christmas Clubs” or “Vacation Clubs.” A person joining a Christmas Club, for example, might agree to deposit $10 per week over a 40-week period; at the end of that time, he or she would have $400 plus interest to use for Christmas spending. In the meantime […]

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What Is A Statement Savings Account?

Statement Savings Accounts These are much like passbook accounts, the difference being that customers keep track of their own deposits and withdrawals on a form provided by the bank. The customer, however, receives a periodic statement from the bank, which includes accrued interest as well as the bank’s own records of deposits and withdrawals. Because […]

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What Is A Passbook Savings Account?

Passbook Accounts In this time-honored arrangement, you deposit and withdraw money in any amount and as many times as you wish, with a bank teller recording the transactions, as well as accumulated interest, in a passbook provided to you by the bank. Though the rates have been fairly standard, actual yields can vary depending on […]

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Comparing Bank Accounts

Savings Accounts Among the most familiar bank services to a majority of Americans are ordinary savings accounts, in which they can place their hard-earned money and know that it will be both safe and available on request. Savings accounts, like most other accounts, are insured by federal agencies — the Federal Deposit Insurance Corporation (FDIC) […]

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