Welcome to Savings Guide
Cool Savings Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
Holding a Savings Account
from:Introduction
A savings account is basically defined as a bank account designed to help the customers set aside a portion of their liquid assets, while also earning a monetary return.
Offered and maintained by a series of commercial banks, savings and loan associations, credit unions and mutual savings banks, these accounts require that the amount deposited cannot be used directly as money, thus encouraging savings.
Features and Provisions
In most of the cases, such savings account requires that the funds be kept on deposit alteast for a minimum length of time, though some also allow unlimited access to funds. In other words, there is a limit on withdrawals, payments and transfers that might be performed through a savings account.
While some of the banks will not allow any transfer of money beyond this limit, the other will notify the account holder that such a regulation has been violated. Each of the savings account holders are offered an itemized list of all financial transactions, either through a passbook or through a bank statement.
However, withdrawals from a savings account are occasionally costly and at times much higher and more time-consuming than the same financial transaction being performed on a demand account. Though most of the savings accounts do not offer cheque-writing privileges, yet there are many institutions that refer to their higher-interest demand accounts or money market accounts as savings accounts.
Latest Developments
The introduction of internet into the world of banking has made the concept of high yield savings accounts highly popular. Available through virtual banks, such an internet savings account business model is based on an attempt to offer interest rates which are higher than those available at storefront banks. A few amount of retail locations along with low customer service costs through automated and computer systems makes such a business model quite effective. In fact, internet operated banking systems are highly effective and recommended if the customers concerned are well-versed with nuances of internet and are aware of how the system works.
Experts suggest that holding at least one of such savings account is crucial if you want to develop a consistent regimen of savings and investments. The stringent regulations of most of the institutions offering such savings account do not allow you to withdraw frequent or high amount of savings from your account, which indeed have a favorable effect in the long run. In fact, to encourage and attract a large customer base, quite a few of these institutions also offer special internet rates to specific age groups as well, such as youngsters.
1
Cool Savings News
'GMA' Deals on Spring Vacation Getaways, Hot Travel Accessories
One of the hottest segments on "Good Morning America" has been our weekly offering of exclusive Deals and Steals, just for our viewers.Spring is right around the corner, which means it's time to make plans for family getaways. We have amazing travel discounts on an all-inclusive trip to Jamaica, seven premiere hotels at $97 or less per night, plus deals on everything from personalized guidebooks ...
Read more...Thermally Conductive Plastics Enjoy 10 Years of Cooling LED Lighting
Innovator Cool Polymers Estimates Energy Savings for Users of $115 Million/Year NORTH KINGSTOWN, RI - More than 80 million LED lights are running cooler today thanks to CoolPoly® thermally conductive plastics, notes Cool Polymers®, Inc., currently celebrating ten years of successful thermal management of high power LEDs. This equates to annual energy savings for users of as much as $115 million ...
Read more...Greenway Design Group, Inc. Announces Patent Award
HUNTINGTON BEACH, CA-- - Greenway Design Group, Inc. today announced the award of U.S. Patent No. 8,074,461 for its "Cool-n-Save" energy-saving innovation.Introduced to consumers more than five ...
Read more...Unusually mild winter can dry up local business
Local businesses have some mixed emotions about the mild, dry winter. It means cool savings for some, and dry pockets for others.
Read more...Clopay® Canyon Ridge® Collection Garage Doors Selected for DOE Cool Energy House
Project brings attention to new energy-efficient building products and strategies to reduce peak energy consumption in home remodeling projects. Clopay garage doors play an important role in reaching the home's 50 percent annual energy savings goal while improving design, building quality and sustainability.Cincinnati, Ohio (PRWEB) February 06, 2012 Clopay’s Canyon Ridge Collection carriage ...
Read more...Google Tops Greenpeace ‘Cool IT Leaderboard’ for Clean Energy Advocacy
February 8, 2012 -- Non-profit environmental organization Greenpeace released the results of its fifth Cool IT leaderboard, a list that ranks 21 IT companies on clean energy use and green policy advocacy. Its latest report finds Google to be the top green IT leader.
Read more...With Rates This Low, Should You Refinance Again?
Homeowners have been watching just how low mortgage rates can go -- and reacting accordingly to rock-bottom interest rates.
Read more...Municipalities see mild early-winter weather as pretty cool
Not only has this winter thus far been easy on the backs of Luzerne County residents charged with shoveling sidewalks, it’s put less strain on local municipal budgets as well.
Read more...