Welcome to Savings Guide
Spencer 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
Spencer Savings Bank Specific links
Spencer Savings Bank News
Northwest Bank educates students on saving money
Northwest Bank employees shared an important lesson on savings to Storm Lake St. Mary's third grade class as part of the American Bankers Association's Teach Children to Save Day! The educational...
Read more...Northwest Bank teaches students the importance of saving
Northwest Bank employees recently shared an important lesson on savings to Spencer and Ruthven Ayrshires' fourth Grade classes as part of the American Bankers Associations' Teach Children to Save...
Read more...Spencer Savings Bank Promotes Webber
Spencer Savings Bank has named Randal D. Webber has been promoted to executive vice president and chief lending officer.
Read more...Leadership handoff at North Middlesex Savings Bank
AYER -- After 26 years, a Main Street institution and a driving force in the local economy, commerce and governance is preparing to turn the page.
Read more...Fidelity Bancorp, Inc. Announces Revised Second Quarter Results for Fiscal 2012
PITTSBURGH, PA-- - Fidelity Bancorp, Inc. of Pittsburgh, Pennsylvania , the holding company for Fidelity Bank today announced it had revised its second quarter earnings for the three-month period ended ...
Read more...