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First Federal Savings And Loan Article
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Savings Accounts – Facilities and Provisions
from:Introduction
In today’s age, an increasing number of customers are looking for lucrative options to save their hard-earned income. Each of these customers aims to look for options wherein they will be able to save their money as well as earn further interest for doing the same.
To cater to such needs, today, the financial institutions offer a vast range of facilities to such customers, which give them handsome returns in turn of depositing their savings with them. Amongst the various sets of facilities offered, it is the savings accounts which still continue to be the most popular and widely used by the customers.
The Concept and Functions
Savings accounts are basically a type of bank account, established to help the customers to keep aside a part of their liquid assets, also earning monetary return simultaneously. The most stringent principle of such savings accounts offered by the series of commercial banks, savings and loan associations, credit unions and mutual savings banks is that the customer cannot use the money deposited directly as cash, further encouraging the build-up up of savings.
Another principle regulated by these savings accounts is that the funds be kept on deposit at least for a minimum length of time, which means that there will be a limit on withdrawals, payments and transfers that might be carried out. While some banks offering such savings accounts will not allow any transfer beyond the stipulated limit altogether, yet others will inform the account owner that a violation has occurred.
At times, withdrawals from these savings accounts are costlier than the same transactions being carried out from a demand account. In addition, most of such savings accounts do not offer cheque-writing services, though there are many institutions that name their higher-interest demand accounts as savings accounts. To fulfill such saving needs of the customers, banks of all types offer good terms for savings accounts of all categories. The interest rate offered by each one of these might differ form each other, but the general trend is usually prevalent across various banks.
Experts suggest that to streamline your savings and ensure that your savings also earn further for you, it is important that you hold at least a single savings account with one of these banks. However, before you actually decide on an appropriate banking institution, you must analyze the terms offered by the bank such as the interest rates, withdrawal limits and other such features, especially in specific context of your own financial status and the results required out of your investments.
First Federal Savings And Loan News
Boost sought for bank - Charleston Post & Courier
First Financial Holdings Inc., the largest Charleston-based bank owner, is seeking a piece of the federal bailout program. The company, which owns First Federal Savings and Loan Association of Charleston, said Monday that it has been approved to ...
Read more...AP IMPACT: They warned us, but US eased loan rules - Associated Press
WASHINGTON (AP) -- The Bush administration backed off proposed crackdowns on no-money-down, interest-only mortgages years before the economy collapsed, buckling to pressure from some of the same banks that have now failed. It ignored remarkably ...
Read more...CBA, NBA cut variable rates by 100 basis points - News.com.au
CBA and NAB are the first major banks to pass on all of the RBA's 1 per cent rate cut to its customers, slashing variable home loan rates to 6.74 per cent. Westpac also said it would pass on an 80 basis point cut, bringing its variable rate down to 6 ...
Read more...Big Three automakers try again for a bailout - Los Angeles Times
Reporting from Los Angeles and Washington -- Their first attempt was a lemon, but the Big Three U.S. automakers get a second chance this week to convince Congress that it should give them a $25-billion bailout -- or as they call it, a bridge loan to ...
Read more...HOLIDAY CLOSINGS - Biloxi Sun Herald
BANKS Closed today: BancorpSouth, Bank of Wiggins, Century Bank, Coast Community, Credit Union South, First National Bank of Wiggins, Gulf Coast Community Credit Union, Hancock Bank, Keesler Federal Credit Union, The Peoples Bank, Regions Bank ...
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