Introduction
A savings account is an account that allows you to keep your money as well as earning interest s on saving. Interests saving rates will differ from one bank to another. Depending on the size of the savings interest saving rates can also go up. The bigger the saving the greater the interest saving rates. Many banks require a small amount of balance on the savings account. Some banks may not even need a minimum balance to earn you interest.
Banks also give different savings interest rates to their clients for the different savings account. Interest savings rates are also determined by the external environmental forces. They range from economic to legal and political. During times of economic recessions for instance the interest rates on the savings may go down due to the prevailing economic climate. On the other hand higher interests in savings will be recorded when there is an economic boom.
History
These will vary from one country to another. The factors are so intense on economies that they is no way to control them. External environmental factors can only be manipulated to make interest saving rates look more handsome.
It is clear that keeping your money in the banks is better than keeping it in your home. When money is kept in a safe at home there will be no increase in terms of interest .The money is termed as idle. When you take your money in the bank, you will be in apposition to secure it from theft and getting burnt down in case of fire. When the house burns down you are able to save your cash. Money which is saved in a bank will accumulate a savings interest rate no matter how small it may be. It is advisable that you should take your money in the bank to have safety and be able to benefit from the savings interest rates.
Features
Depositing your money in the bank gives you security. No matter the state of the bank your cash is always secure. The bank may go bankrupt but there are laws governing the banks. You will not lose your cash in whichever case. Many people have benefited from the savings interest rates offered when you have saved your money. This is the best way to keep your money growing daily.
Tips and Comments
Savings interest rates are attracted when banks sell their monies outside. Banks make money by selling money. The banks go on and lend cash out to other people thus making your interests.
Basically opening the account is just a short process. Just go to the bank and fill the forms to get the savings account. The information is key punched into a computer and it generates an account whereby you can start saving. Once you deposit can in your account the banks will pay you interest according to the sum you have kept. After that money is given to borrowers at an interest .the interest savings rates are gotten through this process.
It is always good for every one to consider having a savings account. The account is beneficial and will in turn earn interest to keep the cash growing when it is in the bank. If you haven’t tried make a point of trying and you will see the difference.
