Saving Accounts And Its Types

Saving Accounts And Its Types

We are all very familiar with the word savings account in our day-to-day life. Because we people have the habit of depositing the amount we earn in the savings account. Anyone can open the savings account in the bank they want to. Now, the technology has emerged so much and the result is an online savings account. There is no need for traveling to the bank and open the account directly. The online savings account is fully online and it requires a very stable internet connection to open and do transactions. There are three types of savings account available and it is listed as follows.

  1. Basic savings account
  2. Online savings account
  3. Money market accounts

Basic savings account:

The basic savings account can be opened by any person in any banks through online itself. There is no rules and regulations for opening a savings account. The savings account mainly requires the customers to maintain some minimum balance to do transactions with the bank. The interest rates will be very less for the basic savings account.

Online savings account:

It is similar to the basic savings account but the only difference is that it can be created only through online and there is no age limit for the members to open an online savings account. We can deposit the amount we want to, in the online savings account, but everything is done through online here. So, it needs a stable internet connection and if not the transactions will not be done.

Money market account:

Money market account is the best account which will pay a very higher interest rate when compared with the other two accounts. There are some registration fees when opening a money market account.

Automatic savings plan:

Saving is a very good habit because it will help us in our future. But many people will not have this habit and hence some banks have this automatic savings plan which will be very useful for the people. What the banks actually do is it will take some amount from the savings account and put it in the savings plan account. This will be informed to the customers and this really helps the customers to save money.

Conclusion:

Thus conclude that everyone should try to open a savings account in some banks to deposit our money. QProfit System is the application which will help us to open an online savings account. The money we deposit in the banks will be kept very safe and there is no need of having fear on that amount.