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Choosing the Best Accounts for Your Needs

Author: Michael Brown
by Michael Brown
Posted: Oct 15, 2015
savings accounts

Many people have embarked on the path of personal money management. It can be daunting to take the plunge into the world of banking and personal finance; however, obtaining a checking account and a savings account can definitely help you in the long run. With aid from banks in MA with free checking, you can more easily maintain your money.

Better Money Management

It is difficult to imagine a world without banking, especially in this era. It can be difficult to find a place where your money will be safe. Luckily, there are many banks in MA with free checking.Without banks, you would not be able to easily undertake monetary transactions as easily or efficiently. You can make large payments more easily with checkbooks. Thanks to their innumerable benefits, checking accounts are now a necessity.

According to a 2013 Federal Deposit Insurance Corporation (FDIC) report, 88.4 percent of Americans have checking accounts. Savings accounts are also beneficial.

Savings Accounts

Both checking and savings accounts have their benefits. Checking and savings accounts are different ways of lending money to a bank in the form of deposits. It is the bank’s responsibility to keep the money safe until it is withdrawn by the account holder.

However, both of these accounts have certain distinct features that are beneficial for different reasons. Therefore, it is an ideal choice to have both types of accounts.

The Differences Between Accounts

These are the differences between checking and savings accounts.

  • Transactions: You can perform an unlimited number of transactions when you have a checking account. In fact, the primary function of a checking account is to allow the holder
to withdraw or transfer money anytime, anywhere. Savings accounts are for long term investments. People use savings accounts to deposit amounts of money that they will use in the future.

  • Ease of use: Checking accounts provide account holders with credit cards, debit cards, check books, online banking features and many more services. Checking accounts operate this way so that it is easier for people to manage their money. Savings accounts do not provide holders with these privileges. To use the money in your account, you have to withdraw or transfer the money.
  • Interest: Checking accounts are transactional and allow holders to easily access their money. Banks do not pay interest on the amount held in checking accounts, however large the account may be.As banks lend out your money held in the savings account, they pay an interest rate for using your money. The rates vary from time to time, and they may be low. However, over time, you are bound to see a significant enhancement in the figures in the account.

Making the Choice

Checking accounts and savings accounts are very different. Checking accounts will allow you to easily and conveniently use your money. However, with a checking account you do not receive any interest.

Savings accounts are great for the unpredictable future.Therefore, it is ideal to obtain both accounts. Checking accounts are great for the present, and savings accounts are great for the future!

About the Author

There are many MA banks with free checking accounts, but at Dedham Savings you can get the one of the best free checking accounts around. Our account comes with free telephone banking, mobile banking etc.

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Author: Michael Brown

Michael Brown

United States

Member since: Sep 11, 2014
Published articles: 10

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