Chapter 1: Where To Open Bank Accounts
Chapter 2: Which Type of Bank Account Should You Open
Chapter 3: Bank Account Interest Rates
Chapter 4: Bank Account Charges and Fees
Chapter 5: Online Banking
Chapter 6: Bank Account Facts
Bank Account Facts
Whether you choose a savings account or a checking account, a bank or any other financial institution for the account, there are a few more things about banks and banking you should keep in mind:
- Your money is always safe in a bank account as it is insured by the FDIC.
- The interest paid and the fee charged by banks is comparatively lower than the interest paid and fees charges by mutual fund companies and brokerages. However, having a bank account is more convenient and your money in the account is also safer.
- Even at a low rate of inflation, the interest you earn from your bank account cannot beat the rise in prices of goods and commodities.
- All banks do not offer the same interest rates for all accounts.
- Opting for a CD instead of a savings account will fetch you a higher rate of interest, although investing in a CD means locking up your money for a long time.
- ATM charges can take up a large portion of your banking expenditure. Be aware of the charges while using other bank’s ATMs, and when using your card in a foreign country.
- Finding the perfect bank account and getting the best deal may take a significant amount of effort and time. Using the internet can make it easier to research on the different banks and the accounts they offer.
- Banking can be possible without banks. Most of the services offered by banks are also offered by certain other financial institutions like credit unions, brokerage cash-management organizations and mutual fund companies.