Recently I’ve discovered the difference putting aside even as little as $20/week can make. $20 is easily spent with nothing to show for it but over time it really builds up and offers the possibility of making purchases you wouldn’t otherwise be able to afford (like the laptop I’m saving for). There are many different types of savings accounts a bank may offer you to begin your saving in. Let’s take a look at the range WaMu.com offers for example, which are:
Online Savings
Statement Savings
Traditional CD
Online CD
Liquid CD
Online and Statement Savings Accounts
These are your traditional savings accounts which you can start with as little as $1-$4. Statement Savings are for those who are not interested in or do not have access to online banking. You may access you money any time, withdraw or deposit any amount, any time.
Traditional, online and liquid CD accounts
This type of account is for those who have slightly more money to invest. You need to start with at least $1000 top open one of these accounts. You will also need to specify how long you want to leave your money there, with a 1-3 month minimum during which time you can not withdraw the money. This type of account pays a higher amount of interest then normal savings accounts.
The above is a sponsored post.
Apr 08th by unsteadyocean