Saving with Savings Accounts

Savings account has two options, the one with passbook which you receive a record book that serves as a record for all your deposits and withdrawals. You can keep track all your transactions in your account. The other one is what we call--statement savings account where in the bank mails you in a regular basis with a statement which indicates your transactions for the account.

There are several features and fees that vary from time to time from different banks. It is very important to look closely and evaluate each. Here are the common features you might be interested in comparing:

Interest Rate

·         What is the interest rate?

·         Can the institution modify the rate after you open the account?

·         Does the institution pay different levels of interest depending on the amount of your account balance, and, if so, in what way is interest calculated?

Interest Compounding

·         How frequent is interest compounded?

Fees

·         Will you pay a flat monthly fee?

·         Will you pay a fee if the balance in your account drops below a particular amount? Is there a charge for each transaction you make?

·         If you can use ATMs with your account, is there a fee for this service?

·         Are fees reduced if you have other accounts at the institution?

·         Are fees reduced or waived if you agree to directly deposit your pay check or government payments, like a Social Security check?

Here is the list of Top 150 Largest Banks in the USA. You may choose from the list which will you save your own money