09:14 30 August 2013
Most people if not all are familiar with coin banks and many of us may have had one of them as a child. It was definitely fun going around the house asking mum or dad for loose change and putting this in the coin bank. You may have monitored your bank to see how much money you had. Saving has always been seen as a very practical thing to do. To ensure one’s good future it is vital to save money. Savings can also be used in case of emergencies.
At present, banks offer clients different services such as savings account. A savings account is an account wherein clients deposit their money which will be maintained by the bank. One of the benefits of saving through this type of account is that it earns an interest each month. Thus, you do not only save you also earn. Unlike other bank accounts, savings account often requires low maintaining balance or at times no minimum balance required at all depending on the policies of the bank.
Moreover, most savings accounts do not have any withdrawal limit, however, withdrawal of funds may be a bit costly. Currently, online savings accounts are also fast gaining popularity as they enable clients to have access to their accounts anytime and anywhere. These savings accounts have higher interests rates compared to traditional savings accounts, but they also have higher security risks.
Lastly, if you’re tired of being a “one day millionaire” and spending your hard earned money on things that you don’t really need why not try saving them instead. If you want to secure your future, having a savings account may be just the right choice for you.
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