Bank Savings Account

Putting money in a safe deposit box is a safe and secured way to store your money. When you need it, all you have to do is open the box up and get your money. Sometimes this money sits in the box for days, sometimes for months. When you get back to the box, you would be counting the exact cash you had since the last time you took it out the box. The point is, for the past days or months, nothing happened. But what if we put it somewhere else? Somewhere like in the hands of some trustworthy people who promise to keep the cash from you? For the next months, you will notice something has changed. Your money seemed to have grown. It has just gained more cash!

The idea is to illustrate the advantage of a bank savings account. This type of account holds your money and pays you for that. You can easily withdraw the funds out any time just as long as it is done on regular business hours. But if you are enrolled in a bank with online features, you can have unlimited access with your money.

Putting your money in a bank savings account is literally safer than placing them under your mattress or in your safe box. Most banks are FDIC insured, which means you will still be getting your money back, up to $250,000, in case the bank shuts down.

Finding the bank that suits you is already easy, especially that you can find them mostly through the internet. They pay interest more than the traditional banks and they have more features and benefits, too. Big online banks such as ING Direct, HSBC and Emigrant Direct American bank provide bank savings account that requires no minimum balance requirements. People who want to set up a bank account from scratch can access these banks online because it's relatively easy and convenient.

Also, consider whether you might be investing on some funds that you won't be using for a long time. For instance, you have some extra cash with you that you might not be using for twelve months. You can also rely with other bank products to make your money grow. Certificates of deposit or CDs are also good investments for your money so long as you don't withdraw them during the period or term of the CD that you have availed of. Look for banks that have this kind of account so it will be easier to handle both your savings and CD account. But still, you are the boss of your own when it comes to banking decisions, you might also want to check out other banks that can give you higher yields on CDs.

As mentioned before, banks with FDIC insurance protect your money from bank failures. This means that when searching for banks that offer bank savings account, you should check and verify that the bank has this kind of insurance. And finally, research more about the bank from customers' viewpoint. The quality of service of banks isn't reflected with the attractive advertisements they produce but through the reviews and ratings from the banks' customers themselves.