What is a savings account and what is a money market account?
829524
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509118
That depends upon the bank, actually. Call the banks you are interested in, and ask what their opening deposits are. Factors such as account type and interest rates, if any, affect this.
926705
You must be 18 years old to open a Saving's account...however, your parent or grandparents may open a savings account listing you as a minor.  Then you can deposit your money, but you may have to have 2 signatures to draw it out.  There is usually a minimum balance required on Savings accounts, usually $50.00 to $100.00.  The only other alternative to a double signature to with draw would be if a Debit card were ordered with the account, and then money can be drawn on the card thru an ATM  Hope this helps........Banks differ, but minors cannot be held liable. that is why an older adult is most  of the time required on the account with the monor.
1166080
Current (aka checking) account is an account from which you can withdraw at any time.  Typically, checking accounts do not pay interest, although some banks offer interest-bearing checking accounts.  Savings accounts have limited checking privileges; you can still withdraw, but you lose interest on the amont withdrawn.  \n\nThere may be other quirks depending on where in the world you are.
59805
A bank is a for-profit organization. Banks hold deposits, make loans, pay checks, and provide other related services for the public. They collect funds from three sources: demand, savings, and time deposits; short-term borrowings from other banks; and equity capital.\n\nA credit union is a not-for-profit financial cooperative that makes personal loans and offers other consumer banking services to individuals sharing a common bond or affiliation, such as a common employer. Because credit unions operate as not-for-profit institutions, they are exempt from both federal and local taxes. Consequently, credit unions can charge below-market rates on loans while paying higher rates to savers. A credit union gets its operating funds from shares purchased by individual owners, who are members. It also pays dividends (representing the payment of interest) out of earnings.
1174211
Well I'm not a financial expert, but this is my personal opinion and that's to spread savings around and not put them all into one option. The stock market (i.e. that frequent buying and selling thing) can be profitable but downside is you need to make a commitment of time and energy and constantly follow the indexes to decide when to buy or sell: it is like taking on a part-time job, so if you don't have the time, inclination or know-how then it can be a pain. \n\nAnother option is to invest in mutual funds, preferably from a good solid bank. I live in India and I only invest in funds put out by the strongest govt banks, not private banks .. cos I figure if a govt bank would crash, the country would crash and then I would have more things to worry about than what happened to my mutual funds!! LOL. Within mutual funds there are low risk, medium risk and high risk funds. The low risk gives lowest returns. Basically it's similar to stock market except that you invest with the bank and then the bank goes on the stock market and does the work for you. High risk funds tend to give more returns (it's a bit like at a horse race, when an outsider wins?) but there's also the risk that there may be no returns for yonks .. I like the idea of spreading savings within the mutual funds too .. i.e. put some in a  low risk, some in a high risk, some in medium risk. \n\nThere's always the ever-faithful Fixed Deposit. With inflation and rising costs, the amount of money you end up with may not have as much buying power in 10 years as it would have today, but it's a safe investment and I feel it's worth having a few FDs that you just place and then forget about till whenever. You can have FDs in different currencies, certain currencies give you higher rates of interest; also the longer you keep the money in the deposit (that's called the Term) the higher interest you get. One reason some people don't put money into FDs for very long periods is if they think they might need the money earlier or if they think the interest rates might improve later. If it's the latter reason, your bank manager could help you calculate if it's worth it to break your FD and re-invest at the newer rate. Sometimes it is. \n\nThe thing I think is the best investment is property. But I would not recommend it as your FIRST investment, only after you have saved and grown your savings. Property is great because it never seems to depreciate, and if it's commercial or rented, can give you a lifelong income. \n\nThose are the practical tangible options I can think of. I also think of investing in my education and learning as a great investment, cos that's something that can't be taken away from me! and also in the betterment of my home as an investment (as it would keep the value of my property higher than if I let it get run down).\n\nOh I forgot to add .. insurance policies. Some of the life insurance policies give you the money when you reach a certain age, (not just to someone else after you're dead .. which was one reason why they never appealed to me before!) I think they make sense if you want something that comes up when you're a senior citizen, especially if you're in a country where you won't get much social security / pension stuff.
1082677
You should open a credit union share draft savings account.  Credit unions are non-profit so you will get the maximum return on your investment, the bank will not be pulling profit out of the system.  \n\nAlso people with credit union accounts are actually lending money to people who take out mortgages and loans and credit cards and even payday loans from the credit union, which is quite lucrative!  All that plus a profit-neutral middleman.  It's the best place to keep your savings.  It's where I keep mine.\n\nFinally, credit union accounts and contracts have more favorable legal terms than commercial banks.  For example most banks require that you sign a "liability waiver" or "binding pre-dispute arbitration clause" which basically means that if they do illegal things to you or your money, then you can't take them to court or they can counter-sue you for millions.  Credit unions usually don't do that sort of nasty thing.
116194
Open your own Money market savings account where you are the only person listed on the account, this way you will be able to take money out when needed to pay for your debts and other needs.  Once you get the debt taken care of, depending on how much you have left.  Take 1/2 of the remaining money and put it in a 5 year tax free annuity account.
647333
Money market accounts invest in money market instruments which are defined as investment grade securities (Treasury Bills, CD's commercial paper, or Treasury Notes or Bond maturing within a year) with a maturity of less than one year.  Securities with maturities less than one year are less volatile - less interest rate risk, less credit risk, less risk of default.  The trade-off is that, while these accounts are safe, they also provide a relatively low yield or return.
670203
You can open an account in two or three banks.\nIt is legally allowed.\nCanara Bank people are trying to avoid work.\nGo try with HDFC Bank.They have 3 in 1 system.\nYou can have a savings a/c,Demat a/c and a trading a/c\nand you can link all the three.
244999
Hi, I didn't see your original post so I don't know how liquid you'd like the funds to be.  If you don't need to draw out money frequently, you can probably get the best short-term rates with Certificates of Deposit (CDs) which are available at most banks and savings/loan institutions.  You can split the money up and open a number of accounts over different time periods so that at least one reaches maturity every month, every few months, or whatever period you choose.  When an account reaches maturity you can take some of the money out, add funds, change the investment period, or withdraw the total and close the account.  Most have minimum deposit amounts required, so you just need to make sure you don't withdraw too much if you want the account to remain open.  If you want more liquidity, then yes, money market accounts are much better than regular savings accounts in terms of interest, and the on-line accounts seem to offer the best rates.
516730
A credit union is a gathering of the people to start a bank if you will. It counts on its people to survive and usually offers a higher interest rate on savings accounts, and lower interest rates on loans for its members than a bank will.  A bank has its own money to play with so it is less reliant on its members. If it is federally insured up to a significant number you have nothing to worry about.
1122706
Not a normal account. The best anyone will give you is a Cashcard account also called a STEP account or basic account. However, they are obliged under law to actually give you these basic banking facilities (unless you are declared bankrupt). You can approach any high street bank and tell them this.
1018591
The stock market averages about 10% over about 50 years.  Some years it goes up 25%.  Some years it goes down 15%.  In a short term environment, say the last 2 months, the market is down about 7%.  Money markets on the other hand, are at about 4% right now.  If you sold 2 months ago, you'd have missed the 7% drop and earned about 0.4% interest so you'd be up over 7% compared to someone who hung in with the stock market.  Of course this assumes you were psychic two months ago and sold out.\n\nIf you are a long-term investor and not a short-term speculator, you wouldn't be too worried about a 7% drop because you know it will likely recover soon.  On the other hand, a good long-term investor will also try to minimize risk and will keep some money in shorter term accounts like money market accounts all the time anyway.
1152537
None. You know how a regular bank will credit your account if you deposit money and then deduct your spendings and perhaps save you from overdraft?? Well, Credit Unions work opposite, they deduct your spendings, charge you if you used too much money, and then clear your deposit. How's that for someone who wants to "help" you?
79972
Money Market Accounts are very safe.\n\nMany money market accounts place restrictions on the amount of transactions you can make in a month (such as five or less). Furthermore, you usually have to maintain a certain balance in the account to receive the higher rate of interest. Some banks require at least $500, others require a much higher balance.\n\nWhat Is a Money Market Fund?\nIn short, it is a mutual fund that invests solely in money market instruments. Just like a mutual fund, it issues redeemable units to investors and must follow guidelines set out by the SEC. A money market fund's net asset value (NAV) is also determined at the end of each day.\n\nMoney market funds, however, are completely different from money market accounts and money market instruments. Money market accounts are basically special kinds of savings accounts that you can open at any local bank, and a money market instrument is a form of highly-liquid short-term debt security. Furthermore, unlike a bank account, returns from money market funds are not guaranteed even though they are lower risk. Their stability rests solely upon the investments that make up their portfolios and it is possible for the fund to lose money, although the odds of this occurring are rare.
11070
Bank of America recently bought Fleet Bank, a large outfit that served the east coast and out in here in New England.  Bank of America has excellent programs for folks with some cash in their accounts. By that I mean there is a difference between the person with a $500 checking account and someone with a brokerage account, home loan and large savings account. From my experience, they have done everything well as far as service, reducing fee's and assistance in loans. Bank of America also has a new program called 'Keep the Change', which is something that other banks will catch on with in the future. Basically if you buy something for $1.19, they take $2.00 from your checking account and place $0.81 into your savings account....Pretty neat stuff...