Tue, 21 Feb 2012
Hooray! It’s America Saves Week 2012 - February 19 through 26! (Cue confetti, balloons & noise makers!) O.K, so maybe that’s too much. It’s not THAT exciting. But, it is a great annual reminder to take a look at your savings plan and re-evaluate it. Young America: it’s a great time to educate yourself on how saving money really works! You can check out the earlier Bank Roll blog posts that discuss budgeting and interest rates. But what saving options are available to you? Let’s take a look.
Types of Savings AccountsMost banks and credit unions offer two types of basic saving accounts; Passbook Savings and Statement Savings.
- With Passbook Savings, you receive a physical book that you need to have with you anytime you deposit or withdraw money from the account. However, electronic deposits to the account are allowed--- like having your pay check, or a portion of your pay check, go directly into the savings account. You can’t use an ATM card with this kind of account.
- Statement Savings has no book. You keep your own records, called a register. You receive a periodic statement of all the activity on the account electronically or by mail. This type of account does allow ATM cards.