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Georgetown Savings Bank Article
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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.
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Georgetown Savings Bank Specific links
Georgetown Savings Bank News
Georgetown Bancorp, Inc. Reports Continued Profitability Trends for the Three ... - MarketWatch (press release)
 Inside INdiana Business | Georgetown Bancorp, Inc. Reports Continued Profitability Trends for the Three ... MarketWatch (press release) GEORGETOWN, Mass., Apr 30, 2012 (BUSINESS WIRE) -- Georgetown Bancorp, Inc. (OBB:GTWN) (the "Company"), holding company for Georgetown Savings Bank (the "Bank"), reported net income for the three months ended March 31, 2012 of $153000, ... GEORGETOWN BANCORP INC : Georgetown Bancorp, Inc. Reports Continued ... |
Police: Yes, He Did Try to Rob the Bank - Patch.com
Police: Yes, He Did Try to Rob the Bank Patch.com By Bryan McGonigle Gregory Ferrara has been charged with attempting to rob the Georgetown Savings Bank. Courtesy Photo On Thursday at about 4:20 pm, police say Gregory Ferrara, 43, of 127 Marion St., Apt. 222, Boston, walked into the Georgetown Savings ... |
Police Seek Man in Possible Bank Robbery Attempt - Patch.com
Police Seek Man in Possible Bank Robbery Attempt Patch.com North Andover police are looking for a man they think may have been planning to rob the Georgetown Savings Bank. By Bryan McGonigle This man is wanted for questioning after police say he told a bank teller he wanted all of their money. |
Georgetown Bancorp Net Income Falls 50 Percent In Q1 - Banker & Tradesman
Georgetown Bancorp Net Income Falls 50 Percent In Q1 Banker & Tradesman Georgetown Bancorp Inc., the holding company for Georgetown Savings Bank, reported first-quarter net income of $153000, down nearly 54 percent from net income of $332000 in the same period last year. The decline in net income was attributed to cash ... |
Business Briefcase - The Salem News
Business Briefcase The Salem News Before joining Beverly Cooperative, she was the secondary marketing coordinator at Georgetown Savings Bank and a loan servicing representative at National Grand Bank. She has a bachelor's degree in business administration from Salem State University. |