If you are planning to save money for your future, you might want to consider signing up for an online high-yield savings accounts. According to Wikipedia, Savings accounts are accounts maintained by retail financial institutions that pay interest but can not be used directly as money (by, for example, writing a cheque). These accounts let customers set aside a portion of their liquid assets while earning a monetary return.
Some savings accounts are used as security for certain credit and debit cards, and others are used as a buffer to prevent overdrawn cheques. It is important to inquire about the various types of savings accounts available at your bank so that you can find the account that best suits your needs.
Online Savings benefits & features:
- Free Online Banking
- Free Electronic statements
- Maintain a minimum balance of $300.00 each day of the monthly statement cycle to avoid the monthly service charge amount of $4.00.
- No monthly service charge when you open Online Savings account with WaMu Free Checking account online, or link a new Online Savings to an existing active WaMu checking account, as long as checking relationship maintained.
- Sign up for Overdraft Transfer Service and available funds will be transferred from your linked Online Savings account to your checking account to prevent overdrafts or other NSF transactions (e.g., bounced checks). Subject to transaction limits and funds availability.
- Easy access to funds by ATM: Transaction limitations apply to Online Savings accounts and access is subject to funds availability.
Savings Account ussualy offered by commercial banks, savings and loan associations, credit unions, building societies and mutual savings banks.