Saving Money

You should consider a savings account a necessity if you want to prepare for your future while keeping your money safe and sound. Financial institutions such as banks and credit unions offer savings accounts to their customers. Both are backed by the government deposit insurance (banks by the Federal Deposit Insurance Corporation and the National Credit Union Administration) ensuring that your money will be returned to you even if the financial institution fails.

There is a variety of savings accounts. You should consider several factors, such as the amount of initial deposit and the average balance you plan to hold in the savings account when comparison shopping for an account. However, there are some basic tips to remember that apply to all accounts:

• Savings accounts are also called deposit accounts where the customer can withdraw and deposit at will
• Federal law caps the amount of withdrawals from a deposit account at 6 transactions a month
• Deposits at banks backed by the FDIC will be covered for up to $250,000 until the amount switches back to the maximum of $100,000 on January 1, 2010
• Deposits at credit unions are backed by the NCUA with the same financial terms as those funds backed by the FDIC
• Passport accounts provide savings account customers with an actual bankbook in which all bank transactions are recorded; they were popular decades ago, but are no longer in favor
• Statement accounts provide either monthly or quarterly statements to depositors either electronically or via paper
• Interest rates on savings accounts differ not only from bank to bank but from account to account within banks
• There are not set terms on when interest earned will compound: it varies from account to account
• Interest is accrued at different time intervals based on the terms of the account

It is important for consumers in the process of selecting a savings account to investigate the basic information that may apply to the account. Competition for new customers is fierce among banks, so by taking your time and investigating all your options you are sure to choose a winner!

Many couples have both a joint savings account and separate accounts. By maintaining both accounts you can get the best of both worlds.

A joint account for couples is a great way for two people to save up their finances for a common goal. Whether it is retirement, a vacation or for your first home, each person can make contributions to the account and build their total net worth together, as a team. The act of having a joint savings account is a great equalizer in the marriage.

But say you and your significant other have very different ideas about saving and spending. By keeping separate savings account you two can avoid many arguments. If you each make a $25 dollar contribution to your personal savings account on a paycheck basis, you will each have your own money to do as you please. With that separate amount of splurge money, the joint account can still be used for more important things in the household.

Regardless of what banking arrangements you and your significant other make, it is important to communicate openly and honestly. By speaking your mind and from the heart, and having a mutual respect for the way each of you handle your finances, almost any financial hurdle can be conquered.

In these days everyone needs to have at least one checking account and one savings account to properly manage their finances and to prepare for their future. Depending on your financial situation, you may even require multiple savings accounts to properly manage your household finances.

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