Tag Archives: savings account
E-Loan’s online savings account is worth taking a look. A visit to the E-Loan’s savings website can provide you will all the details in this regard. It is a no-frills offer, which is combined with a competitive rate. The Annual Percentage Yield is considered to be one of the best with respect to the online savings account. There are no fees charged on the balances of this bank. The investor is provided with an externally linked account through which he is able to get access to his money or deposited amount. Given below are a few vital aspects of the E-Loan savings account:
- The investor requires a minimum deposit of $5000 in order to open an account and after it gets opened the balance can become lower than that, if required.
- The investor is allowed a maximum of six withdrawals every calendar month.
- The deposit is offered FDIC coverage for any amount up to $100,000.
- There are no deposits that are allowed through mails.
- The interest that is earned can get compounded on a regular basis.
Apart from these advantages, the investor is required to be wary of certain factors that will secure his savings in the long run. The flexibility factor is quite limited out here. As the transfer of money from the accounts is limited, you might not be able to debit your insurance from your existing account.
Univest Bank is not popularly considered as a front-liner online bank. But, the investor can well be surprised to discover a wide array of personal and business banking options. The high yield account services require a special mention. The savings account of Univest Bank is termed ‘Univest Anytime Online Savings’. The APY offered is 1.5%. Now, it can be readily agreed that with regard to an online savings account, this is fairly attractive offer. An investor can open an online savings account wit as little as a single dollar! There are no minimum deposit amount mentioned and there is no monthly service fees charged either. But, sadly, there are no IRA options.
The ATM card offered at Univest is also free and one can use it at the counters of the other bank’s ATM counters as well, free of charge. Through this online savings account, you can go for free fund transfers and phone banking, to name a few of the opportunities. The usual savings customers can convert to online savings account without having to pay any charge. There is another interesting aspect with regard to this bank. The investor is set to receive Rewards Checking services that enable him to acquire interest yields that are dependent upon the amount deposited. Further, being insured under the FDIC, the bank offers good security and returns for your deposits.
We save in order to build wealth and our objective is to stay prepared for the future financial alterations. Here are a few uncommon factors that save your investment and help your wealth to grow.
Through Compound Interest, you get to earn interest on the interest that is already present in your account. This is a very simple option which is oft ignored. So, a savings plan can be a very effective method to make your money grow.
Use the Rule of 72. An amount deposited in an account gets doubled within a specified amount of time. This occurs through compounding. The Rule 72 helps us to ascertain the time period. This can be obtained by dividing the interest rate payable by the account in which your money is deposited by 72.
The risk and return factor. There are different methodologies to build wealth. Those that involve more risk are found to offer greater returns. Wealth is usually built through a savings account and through investment in stocks. There is no chance in the loss of money in the savings account but in stocks, there are many causes that can result in the loss of money. And, the interesting part is that, you get an opportunity to earn around 10-15% interest while in a savings plan the interest rate is just 1.5%. You can also diversify your investments, to obtain the maximum benefits.