Basic bank account feature
Different types of bank accounts are defined by their function. Broadly speaking, there are 2 types of accounts:
Deposit accounts – these are current accounts, savings accounts, or any type of account which allows you to deposit your money as well as withdraw from it. All these transactions are recorded. Some banks may charge a fee for this service. Some banks offer interest on the money deposited.
Some of the important deposit accounts are:
Checking accounts – are accounts where cheques are used as the main instrument for withdrawing money. You can make purchases, pay all bills, transfer money and give loans. You can make as many deposits or withdrawals as you wish. Some banks allow deposits and withdrawals to be made from ATMs.
Savings accounts – you can make deposits and withdrawals, but the number is restricted per month. Further, you cannot use cheques to access your money. Some banks may allow the use of ATMs to deposit/withdraw money from the savings account.
Money Market Accounts – offer a higher rate of interest. You need to maintain a minimum balance to start earning interest. Further, the number of withdrawals permitted is 6 per month, 3 of which could be by cheque.
Time deposit accounts – are also called Certificates of Deposit (CDs). You make a deposit for a certain fixed time period. In return, the bank pays you interest. The interest paid on a CD is higher than what is paid in other types of accounts. Some banks allow customers to withdraw the interest without touching the principal. In case a customer withdraws his principal, he is charged a penalty.
Loan accounts – this is a debt instrument and there are clear contract rules for the use of this account. The customer borrows a principal amount, which he has to repay in regular installments with an interest that the bank charges.
There are different kinds of loans:
Different types of bank accounts include:
Best Bank Accounts
While scouting around for banks, you need to be sure about two main factors:
Once you are clear about what you are looking for, you can search for the bank that suits your needs.
If you are looking at checking accounts, best bank accounts offer –
For savings accounts, best bank accounts offer –
If you are fiscally responsible i.e., you buy only those things that you can pay for, then you can avail of the credit cards that best bank accounts offer. Points to remember:
Some of the best bank accounts are:
Watchfire GómezPro, an Internet research firm, gave a list of the best bank accounts that are online, based on the services and features that customers want. These banks offered a guarantee against fraud and late bill payments.
Some of these are:
Internet-only banks pay better rates on savings accounts since their overheads are low. Some banks offer a dedicated finance manager, so if there is a problem, you can call the bank and talk to them.
The only drawback to internet banking is depositing money. In case direct deposit is not possible, then you will have to mail the deposit to the bank, or deposit it in the Bank’s ATM, or electronically transfer funds from another bank. One excellent feature about internet banking is that banking is simple and quick. Their sites are easy-to-understand, and easy-to-navigate. They provide transaction reports and warn you in case of security threats.
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