Savings Accounts Interest Rates, Health Savings Accounts

Savings accounts are a good way to stave off financial hardship during times of emergencies. Savings accounts unlike checking accounts are which can attract charges, banks pay you for keeping your money with them. This is in the form of interest which varies from bank to bank. It aslo depends on which type of savings account. There are different types of savings accounts - broadly speaking they are either long term  or short term. With long-term savings account,  you sign an agreement not to withdraw your money for a certain period of time. This attracts higher interest. For short-term or ordinary savings accounts you can withdraw your money anytime. Interest is calculated on the balance either daily, monthly or annually.

 

Some banks have a minimum balance requirement so although you can withdraw money there must be a minimum balance available in order for the account to operate.

 

Also most, if not all savings accounts are insured up to $100,000.00 which is a great way to safeguard your money.