Bank Account Features To Compare - SAVING TIPS
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SAVING TIPS: Bank account features to compare
In shopping for an account, it is important to look closely and compare features. Here are some of the most common features to compare: Rates The Interest Rate What is the interest rate? Can the institution change 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 often is interest compounded? In other words, when does the institution start paying interest on the interest you've already earned in the account? The Annual Percentage Yield (APY)The APY is a rate that reflects the amount of interest you will earn on a deposit. What is the minimum balance required before you begin earning interest? When You Start Earning Interest Do you begin earning interest on the day you deposit a check into your account--called earning on your ledger balance; or Do you begin earning interest later, when the institution receives credit for the check--known as earning on your collected balance? Fees Will you pay a fiat monthly fee? Will you pay a fee if the balance in your account drops below a specified amount? Is there a charge for each deposit and withdrawal you make? If you can use ATMs to make deposits and withdrawals on your account, is there a charge for this service? Does it matter whether the transaction takes place at an ATM owned by the institution? If you have a checking account or an MMDA, how much will ordering checks cost? Will you be charged for each check you write? Are fees reduced if you have other accounts at the institution? Are fees reduced or waived if you agree to directly deposit your paycheck or government payments, like a social security check? What is the fee if you request the institution to stop payment on a check you have written? Is there a charge for asking how much money you have in your account (a balance inquiry)? Does the institution charge a fee for closing an account soon after it is opened? If it does, when will the fee be imposed? What is the charge for writing a check that bounces (a check returned for insufficient funds)? And what happens if you deposit a check written by another person, and it bounces? Are you charged a fee? Other Features Does the institution limit the number or the dollar amount of withdrawals or deposits you make? If you close the account before interest is credited to your account, will the institution pay you the interest that has been earned until that time? How soon does the institution allow you to withdraw funds that you have deposited to your account? Time Deposits What is the term of the account? In other words, how long is it until the maturity date? Will the account roll over automatically? In other words, does the account renew unless you withdraw your money at maturity or during any grace period provided after maturity? A grace period is the time after maturity when you can withdraw your money without penalty. If there is a grace period, how long is it? If you are allowed to withdraw your money before maturity, will the institution impose a penalty? If so, how much? Will the institution regularly send you the amount of interest you are earning on your account--or regularly credit it to another account of yours, like a savings account?
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