Checking Accounts – An Intro
Let’s briefly discuss the characteristics, advantages and disadvantages of checking accounts.
There are various kinds of personal savings accounts provided by banks. A number of them are CD accounts, money market or high yielding accounts and checking accounts. Every saving type features its own defined features, pros and cons.
Checking accounts prove useful when one really wants to ease his daily transactions. Some might think about using cash for transactions in departmental stores, hotels etc isn’t safe. These accounts will assist them a great deal. These accounts are considered unsuitable for high rates of interest or lengthy term benefits. However the prime purpose is to help make the daily transactions cash free.
There are many benefits connected with these sorts of accounts. It’s possible to pay his bills online, use bank card for transactions in departmental stores etc. Some banks even offer telephonic banking and online banking services. Fund transfers across banks (with the idea to or in the bank where there’s account) can be achieved within minutes. There’s also cash return offers on many an atm card up to 1%.
Low interest (under 1%) is really a major drawback to these accounts. There might be limitations on minimum monthly balance too. Sometimes customers would receive waiver on maintenance charges once they conserve a predefined monthly balance. A preliminary balance of 500 – 1000$ might be required while opening a free account. Overdraft protection is usually unavailable on these accounts. Banks might return the checks when transactions come in more than the rest of the balance.
These accounts can help reduce time taken for transactions like online bill payment, inter bank transfers etc. You will find banks supplying attractive rates of interest (though low) of these banks. Bank account rates [http://world wide web.bestsavingsaccountrates.internet/checking-account-rates] could possibly get up to 1% APY.