Savings accounts are operated by a commercial bank or mutual savings bank, and are backed by the FDIC up to the limits indicated. Money in savings accounts earn interest over time, helping to grow your wealth. The amount of interest savings accounts earn is dependent upon the type of savings account and the establishment where you save your money. Interest rates are also dependent upon the economys current condition.
In 2007, the national savings account interest rates for bank accounts is about 2%. Many people prefer to save their money in organizations that offer high yield savings accounts. Primarily, online banks are able to provide higher rates of interest for savings accounts.
Online Savings Accounts Yield Higher Interest Rates
Because an online bank does not have the operational overhead that a physical bank has, they are able to pass along those savings to consumers by offering higher interest rates on savings accounts. Most online savings accounts will also be free, with no minimum deposits to maintain and no fees for depositing or withdrawing money.
While some people may have reservations about using an online bank, you can ensure the bank...
To view and download this full PLR article, you must be logged in. Registration is completely free. Once you create your account, you will be able to browse, search & downlod from our PLR articles database of over "1,57,897+" on 1,000's of niches and 200+ categories without paying a penny. Click here to signup...
