How to Choose a Savings Account and Effectively Build Your Balance

Posted by Felix Okoli on Tuesday February 5, 2013 at 10:38:5:

Having a savings account is a great way to build wealth. This can be very useful when settling bills. It’s very important that you know how your account works, in order to build your account balance effectively and quickly add enough funds to see significant returns.

The annual percentage yield (APY), is an important part of your savings account, as different Banks offer various pay per annum. Annual percentage yield refers to the amount of interest paid on your deposit for a year. Some banks provide tool on their website for calculating the profits you’ll make on the amount you desire to save on monthly basis for a year. After you have known your potential profits, it’s time to make a choice, of the many banks available.

Besides physical banks, numerous banks also exist online, and they may offer better interest rates. Such banks do give access to set up automatic transfer between checking and accounts, and it’s a great way to manage your savings.

When investing, good budgeting should be taken into consideration, as s this plays a major role in building your savings. Many banks provide resourceful helps, which includes online bill payment systems with charts that reflect your spending habits.

It is also very important that you find a reliable bank that will be of help, especially when budgeting for regular deposits from each pay check. Some banks assist by offering to make their bank a payment system for salary earners, and as they do, the budgeted monthly savings is deducted. From this point, you can watch your account grow like a mustard seed that grows into a big tree. As the year runs out, you’ll see that you have a formidable financial resource that will be of great help in planning major purchases or unexpected expenses for years to come.

If you follow what I have discussed in opening of a savings account in this article, I assure you that when many people complain of financial meltdown, you will smile back to the bank always. Happy saving.

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Re: How to Choose a Savings Account and Effectively Build Your Balance Reply by Didi on Friday August 9, 2013 at 1:54:52:

Can you kindly give examples of such banks that are ok? And with good interests too. Thanks





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