Welcome to Savings Guide
Franklin Savings Bank Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
Holding a Savings Account
from:Introduction
A savings account is basically defined as a bank account designed to help the customers set aside a portion of their liquid assets, while also earning a monetary return.
Offered and maintained by a series of commercial banks, savings and loan associations, credit unions and mutual savings banks, these accounts require that the amount deposited cannot be used directly as money, thus encouraging savings.
Features and Provisions
In most of the cases, such savings account requires that the funds be kept on deposit alteast for a minimum length of time, though some also allow unlimited access to funds. In other words, there is a limit on withdrawals, payments and transfers that might be performed through a savings account.
While some of the banks will not allow any transfer of money beyond this limit, the other will notify the account holder that such a regulation has been violated. Each of the savings account holders are offered an itemized list of all financial transactions, either through a passbook or through a bank statement.
However, withdrawals from a savings account are occasionally costly and at times much higher and more time-consuming than the same financial transaction being performed on a demand account. Though most of the savings accounts do not offer cheque-writing privileges, yet there are many institutions that refer to their higher-interest demand accounts or money market accounts as savings accounts.
Latest Developments
The introduction of internet into the world of banking has made the concept of high yield savings accounts highly popular. Available through virtual banks, such an internet savings account business model is based on an attempt to offer interest rates which are higher than those available at storefront banks. A few amount of retail locations along with low customer service costs through automated and computer systems makes such a business model quite effective. In fact, internet operated banking systems are highly effective and recommended if the customers concerned are well-versed with nuances of internet and are aware of how the system works.
Experts suggest that holding at least one of such savings account is crucial if you want to develop a consistent regimen of savings and investments. The stringent regulations of most of the institutions offering such savings account do not allow you to withdraw frequent or high amount of savings from your account, which indeed have a favorable effect in the long run. In fact, to encourage and attract a large customer base, quite a few of these institutions also offer special internet rates to specific age groups as well, such as youngsters.
1
Franklin Savings Bank Specific links
Franklin Savings Bank News
Rising Star Buy: Franklin Financial - DailyFinance
Rising Star Buy: Franklin Financial DailyFinance Franklin Financial operates Franklin Federal Savings Bank, located in the Richmond, Va., area. It offers the standard range of bank services. Following a demutualization and cash infusion, the bank returned to profitability in 2011, and has remained ... |
Annual Home, Leisure Show in Farmington - Morning Sentinel
Annual Home, Leisure Show in Farmington Morning Sentinel Platinum partners: WKTJ, Franklin Savings Bank, and Turner Publishing; gold partners: Daily Bulldog, Camden National Bank, Hammond Lumber, Morning Sentinel, Sun Journal, Irregular, Franklin Journal, Walmart, and Down East Energy. |
Franklin Financial Corporation Reports Second Quarter 2012 Financial Results ... - MarketWatch (press release)
Franklin Financial Corporation Reports Second Quarter 2012 Financial Results ... MarketWatch (press release) RICHMOND, Va., May 3, 2012 /PRNewswire via COMTEX/ -- Franklin Financial Corporation (NASDAQ:FRNK) , or "the Company", the parent company of Franklin Federal Savings Bank, announced net income for the three months ended March 31, 2012 of $2.5 million, ... |
Possible arson in Skowhegan - Morning Sentinel
Possible arson in Skowhegan Morning Sentinel The single story home, which sits between Franklin Savings Bank and the Skowhegan/Madison Elks Lodge, is vacant and for rent. Skowhegan fire Capt. Shawn Howard said the fire, reported at 7:15 am Monday, appears to have started in the basement. |
Charities win in bank's jeans program - Morning Sentinel
Charities win in bank's jeans program Morning Sentinel FARMINGTON -- Franklin Savings Bank employees recently marked the 10th year of Fundraising Fridays with a total $44000 raised. Participants contribute $2 each Friday for the privilege to wear jeans. Each year, employee vote for eight local charities to ... |