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Are Savings Accounts A Good Investment?
Monday, July 2nd, 2007 @ 7:27 pm
S-Proprietor July 2nd 2007
Savings Account, An Investment?
Over the last couple of years, many banks have emerged mostly online offering great interests. It is crucial that people like you and me take advantage of such opportunities. Banks like Netbank, ING direct, the HSBC online bank are several banks just to name a few whose interest rates actually compete with CD’s (certificate of deposit) and low risk investments.
There are several reasons why you should put your money into a savings account instead of keeping them in a stash under your bed.
- Inflation
Every year the value of the US dollar inflates several points, so it is important that your own personal value is also rising in order to beat or at least match inflation and keeping your money in a piggy bank at home just wont help. Banks like HSBC offer 3-4.5% interest rate per year and only require a small minimum! - Insurance
Banks are insured $100,000 per account by the FDIC. So in case of a robbery or some sort of financial ordeal your money isn’t going anyway, thanks to our US government. - Compounding
Leaving your money in a savings account with a high interest rate is a great alternative to investments when it comes to allowing your money to grow year by year (due to compounding interest).
Is Netbank The Real Deal or Just A Free Checking Account?
I would like to take some time to review a commercial bank that has becoming pretty popular on the internet lately. It is called Netbank, an online and mostly free bank.
It basically operates on the internet and has 24/7 costumer service. This bank is able to pay the high rates on savings accounts because it operates only online and doesn’t need the various personnel like brick and mortar banks such as Bank of America and Chase. Its products include:
- Savings Account
- Checking Account
- Credit Cards
- Home Loans
- CD’s and much more
Netbanks costumer service is good and provides up to date information of your account. Unfortunately they canceled one of their trademark services with UPS which offered free deposits but they still provide many ways to deposit with them. One of the perks of having an account with Netbank is the high interest that they offer. Their savings offer a 3.00% APY and their CD’s offer 5.00% APY.
Altogether Netbank is a steal and a great bargain. Every individual looking for a great place to start a savings account should consider giving Netbank a look.
S-Proprietor.com is providing this article to you in order to offer relevant information to those who have their own business or looking to work from home.
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