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First Entertainment Credit Union
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Hollywood, CA |
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Bank of the West
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National |
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SmartyPig
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SAVINGS ACCOUNT RATES » Savings News
Money is the most frequent cause of arguments in a marriage. People have such different views on how to spend what they make (and sometimes, what they don't make) that if not handled properly, money issues could be the cause of stress, and potentially divorce, in an otherwise sound marriage.
It's for this reason, that the issue of opening joint vs. separate savings accounts causes fierce debates. Some feel that in order for the couple to be married, they must share everything, including bank accounts. While others feel that different spending habits could result in more tension. So instead of making an argument in either favor, let's look at some pros and cons of each.
Benefits of Joint Savings Accounts
There are some huge benefits in joining together to open a savings account as a married couple. Here are a few:
- Money grows more quickly. Of course, the more money you have to put into a savings account, the more quickly it can grow. With both of you contributing, itcould grow twice.
- Interest can grow quicker. If you open an account that increases interest returns based on the balance, you can inherit a higher interest rate, which will give you even more money in the pot.
- It can create a bond in the relationship. Because you are sharing in the duties of saving for your future, and building upon a common goal, you can feel a sense of bonding since you both helped contribute to your nest egg.
Downsides of Joint Savings Accounts
However, just as there are benefits, there can be downsides to joint accounts. If one spouse has reckless spending habits, the other spouse could become resentful that money is disappearing out of "their" account without caution. So before opening a joint account, it's good to sit down and decide how money will be saved (and spent if needed).
Benefits of Separate Savings Accounts
On the other hand, there can be some good benefits to married couples opening separate savings accounts:
- Fewer debates about money. If the couple decides to open separate accounts, you can both save toward a joint future without debates on exactly how much money is saved each week/month.
- More freedom. If you've already decided how you will come together for joint financial projects, you can experience the freedom of contributing to the cause while still having a sense of freedom with your own paycheck.
Downsides of Separate Savings Accounts
The problem with separate accounts, however, is that many couples feel there is no teamwork or marriage component involved. It's for this reason that some come up with a compromise of opening a joint savings account for financial projects, as well as separate checking accounts.
Which Type of Account is Right for Your Relationship?
Every married couple has a different dynamic and therefore should communicate well to determine which scenario will work for them. There isn't a right or wrong answer, just the one that's best for you.
Top US Banks, CD Rates and Savings Account Rates
BankUnit is offering a decent savings account rate of 1.75% on their internet savings account. This Bank is located in Florida. Some of the features of the savings account include:
- Free online banking
- No monthly maintenance fees
- Bank-to-bank transfers (currently disabled, please review with the bank)
- FDIC Insured
To open the account you must make an initial deposit of $5,000 to be able to accrue the 1.75% APY offering. Also there is a requirement that $2,500 has to be in the account daily to be waived from monthly fees. However, if the required balance of $2,500 falls below then a $8.00 maintenance fee is applied.
>>Search more Savings Account Rate Deals
Other Terms and Conditions may apply to this offer - please contact the financial institution to review.
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Intervest National Bank is offering a savings account rate at 1.70% APY on their " Regular Savings Account ." The savings account rate applies to all savings account balances .
For example:
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Read Full Article: 1.70% Savings Account Rate at Intervest National Bank
Current Best Leading Savings Account
Interest Rates:
2.15% APY - ShoreBank
2.01% APY - SmartyPig
2.00% APY - UFB Direct
1.85% APY - American Express Bank Savings
1.85% APY - Clear Sky Accounts
1.80% APY - First Trade Union Bank
1.75% APY - Wilshire State Bank
1.75% APY - Union Federal Savings
...
Read Full Article: Scorecard of the Current Best Savings Account Rates
First Trade Union Bank is currently offering a savings account rate at 1.8% APY for balances above $2,500. Savings balances below $2,500 will earn 0.50% APY.
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- No monthly service fees as long as a balance of $250 is in the account at all times
- Monthly...
Read Full Article: Competitive 1.8% Savings Account Rate at First Trade Union
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Start Saving Your Money
Take advantage of earning interest on your money today. Even if you only can save $10 per week or $1000 per month, when you start saving your money in a high interest savings account, your money will grow.
Whether you're saving for a major purchase or simply want a safe place for your emergency funds, a High Performance Money Market account or Savings account is a smart choice.
Most Recent Savings Account Rate Changes
| Fifth District Savings Bank Savings Account |
0.50% to
0.50% Date: Mar 12, 2010
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| Dva Credit Union Savings Account |
0.50% to
0.50% Date: Mar 12, 2010
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| First Choice Community Credit Union Savings Account |
1.10% to
1.10% Date: Mar 12, 2010
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| Evansville Credit Union Savings Account |
0.50% to
0.50% Date: Mar 12, 2010
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| Shoreline Bank Savings Account |
0.25% to
0.25% Date: Mar 12, 2010
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The Ultimate Saver's Guide
Saving money and knowing how to save money are more easily said than done, but it is the key ingredient to a happier you. Get started saving money with this compilation:
- 5 Smart Ways to Establish Emergency Funds
- Save Big With Big Bills
- How to Live on a Budget and Save More Money
- 7 Ways to Go Green and Save Green
- 10 Things Your Parents Forgot to Teach You About Saving Money
- Establishing an Emergency Savings Fund
- 5 Extreme Ways to Save Money
- 8 Steps to Prepare for a Layoff
- Ways to Save Money on Low Income
- Simple Tips for Building Wealth
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03/20/10
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03/19/10
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By ERIC LIPTON and RAYMOND HERNANDEZ WASHINGTON — Money is so tight, Representative Gregory W. Meeks says, he does not have a savings account with more than ...
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