How does my savings account build up?
February 29, 2008 by admin
Filed under Questions and Answers
Bill D asked:
I have a checking and a savings account at National city bank and I am just curious how money will build up in my savings account also so I dont have to transfer some from my checking account? Whats the difference between those 2 accounts? Which accounts are more important to have?
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I have a checking and a savings account at National city bank and I am just curious how money will build up in my savings account also so I dont have to transfer some from my checking account? Whats the difference between those 2 accounts? Which accounts are more important to have?
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pualani on Mon, 3rd Mar 2008 5:05 am
You get intrest for your savings and for your checking account well that depends
Ursugardaddy on Tue, 4th Mar 2008 12:38 am
Your saving account build up by you keep putting money into it and from the little bit of interests the bank put into it… thats how it keep building up anyway The account that is important to have between the 2 is based on your banking needs..Saving is for “saving purposes only that allow a limited of withdrawal per month(mostly 3) and checking account allow you to write checks to pay your bills plus checking accounts mostly offer unlimited withdrawal per month anyway Take Care and Good Luck
K S on Wed, 5th Mar 2008 4:33 pm
DO NOT let them lure you into getting a savings account. It will NOT build up.
Savings accounts will NOT give you much, by “not much” I don’t mean penny on the dollar, I mean LESS than that. Plus, you can penalized if you accidentally withdraw from that account or suddenly need it. NO reason to risk being charged another fee by using your own money.
Stay with FREE checking accounts, no fees, no penalties. Free to cash out any time. Why? Savings accounts are NOT giving more than 3% nowadays, not enough to matter. If you want 3% of your money, just cut some spending, shop smarter and stiff waiters.
You only need ONE account if you don’t have much business. If you want an account to separate saved money you don’t use, get another FREE checking account with another bank.