After some time, I have finally found peace that I wanted to talk about – personal finance system also known as your savings account. Savings accounts are really important subjects in the time we live. There are many people who think that in these days having one is unneeded luxury, or even a problem. I still don’t know what are basics by which they came to this conclusion. Never the less, I disagree with their point of view. Personal financial system can be such a great thing to have if you already have opportunity for one. Saving accounts can help you with your mid-term or long-term plans.
Many people in general should consider that instead of keeping funds at their checking accounts, where these funds get spent by many unpredicted situations, set them in saving accounts. That will help to secure them and have safe ground for their capital.
Newer the less, you should avoid the big corporation banks. They have ridiculously extortionate fees and such a terrible costumer service, which renders them a bad deal by the majority of ordinary people. There is another solution. For me great thing about are time is possibility of taking online saving accounts, among many we can chose. I have been evaluating many options for myself, and finally a came to this. I decided to use Capital One 360. This is the best choice, at least for me, who have been having this account for some years already.
It is time to say few words about psychology of sub-savings accounts. Psychologically it is really important to have this kind of a safe ground, through sub-savings accounts. It can give you less stress in life, and more going forward direction attitude through your life.
If some opportunity emerges or you have to go somewhere where you want to go with your friends or partner, you won’t have to wait for 24 or 48 hours to do so. No, you will have possibility to do this at exact moment when you want to. And that is just one good thing about these kinds of savings. There are many other advantages for you in Capital One 360 sub-saving accounts. So now, I will try to present them now.
1) Good interest rate.
2) No fees, no minimums included.
3) No up sells sent via postal mail
4) Through an simple-ultra interface is given possibility to do everything online
5) Possibility to have list to your checking account provided by electronic transfer asset
But that is just my advice, nothing more. You may find a different solution, are different way to deposit you savings trough other kind of saving account. Never the less, you should do your home work before you decide what suits you the best. And for the end of this article: think about positives aspects of saving account before negative ones. Having one is a god thing to do. Sometimes your life can depend on it.
Want to deposit your savings, but you are not sure what is the best solution for you? We offer you a few simple steps by which you cannot go wrong.
1. Check Bank’s Advertisement
Whether this ad banks broadcast in the media or at the entrance to the branch office, be sure to read every word printed on them. Usually in this part is what is on the edge of the applicable regulations, and you may not find answer. Compare these advertisements with what the bank said on its website. It should not have differences.
2. General Terms and Conditions In order not to lose time, we recommend the website of the bank to find general terms and conditions and understand them, especially in the part related to time deposits. Notwithstanding the special benefits during the Savings Week, depositing conditions should not differ from those of general business conditions.
3. What Happens if Early Termination of Deposit?
It’s good to know what impact the principal has a premature termination of the term deposit. If it has, it does not say in general terms of business, or commercial, look for a response from the bank. The recommendation is to look for information in written form. This should prevent nasty surprises when you need it time deposits a prior to maturity.
Some banks, in the case of early termination, the equity attributable to the interest savings deposits (“a vista” is the technical term for this type of savings). With regard to the offer of some banks that may have certain percentage of equity before the deadline, it is necessary to complete information bank, what exactly happens with the part to be withdrawn (whether decreases or remains in nominal terms), and what happens to the rest of funds (whether interest remains the same or changes).
4. What Interest is Important for Savings?
Do not forget that all the interest on term deposits annually.
If the offered bank for savings week, stated interest rate on a monthly basis, we suggest that the banking officials look for the level of the interest on an annual basis.
5. Interest rate Variability During Period Term Before you sign anything, read the contract. It is not good for the client if the bank reserves the right to change the interest rate during the term. It is particularly unfavorable to the variability of interest rates is dependent on the indefinable elements.
6. Check what you are signing
We remind that the banks are obliged to you, before signing made available to the contracts, general conditions, copied in part related to term deposits and deposit schedule.
As for the possibility that the client requires that the period for acceptance of the offer is more than indicated in the draft agreement, we should bear in mind the provisions of the Law on Obligations to offer. It is necessary to ensure that the customer has time to study the terms offered and to seek the necessary explanations before he accepts an offer.
How people can be naive when it comes about for searching for right saving account choice? That is just so unbelievable. Let’s present that naivety.
Well known fact, in other words, common truth is that every investor wants to take all chances in trying to maximize his returns and minimize losses. That is legitimate thing to want. When we come from that understanding, it won’t take so long to see that there has been such a buzz recently about particular retirement account, also known as the 702 account, which give promises to help in achieving that goal by paying a guaranteed return of up to 60 times the standard bank account without any taxes.
This account came into interest field of many people when they have heard that this kind of account has been used by people with privileges and billionaires such as Warren Buffet and Microsoft owner Bill Gates. It came on the promoted flyers and books by an organization called Palm Beach Group. As they said, trough this account you can “retire with an extra $4,098 per month, tax free”! Imagine that! Would you stay in line for opening this account? Like most of other people who are searching for a holy grail, you would also end up being cheated, without any chances of spending your savings. Why is that? Well, it is quite simple – it is just one more misinformation. And not even smart, though.
It is funny thing to see what people will write when they are just searching for some big scandal news. And the most unbelievable thing about this “insider news” is that it worked. I was starting to get some mails, from people that I use to think are quite smart. You can imagine how I felt when I realized that they are just some opportunists, who will rather believe total strangers, when they offer them possibility to get reach, than to think like adults, as they are. What my answer to them was? Well… How to put it right? My answer was, and I quote myself. “This should be retirement account, not one more Donald Tramp’s plan, for regular mortals. “ The U.S. does not need one more Donald Tramp, believe me, one is just enough. And you can imagine reactions from the people when I sent them my opinion about subject. It really ruins my day when I see how people can be naïve when it comes about getting money without working hard for it.
So, in few words I’ll explain to you the whole case. At first place, that is not retirement account at all, no, it is a life insurance policy. IRA means Internal Revenue Code, and in this particular case comes from section 7702, which is section that regulates contracts for life insurance. So, what they are tried to do is to put a tax-code name on a permanent life insurance policy in effort to associate it with retirement plan. So, 7702 becomes 702, and that is that.
Today’s way of life consists of many hardships and the costs of living are too expensive for many people. Despite the fact that there are countries that have very developed economies, the life may be very difficult for common people even in these countries.
In most families, each member is usually employed but despite a steady source of income, there is always lack of money because of the high standard. The costs and expenses are increasing and the people are in need of money all the time.
A payday loan is probably one of the fastest and easiest ways to obtain a required amount of money providing that a person needs a small sum of money. This money can be used to pay some urgent expenses. People are forced to use this loan due to the inability of additional income as well.
It is very easy to get the payday loan especially for people who have a steady income and are able to prove that by submitting required documents as a guarantee that they will pay off the debt upon the agreed date, that is upon the borrower’s payday in the case of the payday loan. After submitting all necessary documents, the loan is approved within a few days and transferred to the customer’s account. Once the customer receives his salary, the borrowed amount of money will be withdrawn from his account by the lender.
This type of loan is not appropriate if a person needs money in order to buy a home or to set his own business. The amount of money dictates the type of loan and the degree of risk that the borrower is willing to take.
Most of the people decide to take the payday loan rather than a long-term loan because this process fast and less risky even though people sometimes don’t even think about the potential risks when they are in an urgent situation. The loan appears as the perfect solution. But the level of interest rate is not proportional to the amount of borrowed money. On the contrary, the interest rate on the payday loan is very high since there is no additional form of collateral which is used to secure the loan.
Although these sums of money are not large, payday loans carry the same risk as any other type of borrowing, if not used responsibly. But still, this is maybe the best way for individuals who seek the way to borrow small amounts of money and who are able to pay off the loan by the agreed date. Otherwise, it might happen that the borrower will get in debt over his head and he will be forced to take another loan to repay the loan. This time, the larger sum of money will be needed. This automatically means that the customer will have to pledge some type of security as a guarantee that the loan can be repaid. In this case, the degree of risk and danger will be higher as well.
There is no person in this world that hasn’t been in the midst of financial problems at least once in his lifetime. Being the greatest need, money is also the biggest problem of our society.
It can be said, that the world of a common man revolves around money because our society is based on money. But sadly, the common man doesn’t need that money in order to enjoy in luxury but in order to survive and to handle all the costs that usually exceed his income.
Borrowing from banks and lending companies is probably one of the first things that occur to us when we are in financial emergencies. A great number of advertisements which promote different loans offering the instant solution to our financial problems may be very attractive. On the other hand, they may be also very risky, especially if you are not familiar with all things that you are supposed to know before deciding to borrow some money. Every financial situation may be stressful, the results of reckless decisions may be worse.
A payday loan is perhaps the first choice we will make. We can take a small amount of money, repay it and the whole process is quite simple, quick and easy. It seems that there is no catch. But there is. Fist of all, payday loans are cleverly designed the way to attract people, take them as much as possible and probably forced them to apply for another payday loan.
Anyone who has used this service knows that the priority is to repay the borrowed money on the agreed date. Even though it sounds quite simple, it is not. This is the reason why the borrower must have all possible information about the conditions, the type of loan and the requested fulfillment of conditions. Your financial possibilities would be another thing that you should consider and carefully calculate. Don’t borrow if you will not be able to pay it back. In that case, your current financial emergency will be a small problem compared to the impending issues. No matter how good it might sound, every loan including the payday loan can be very risky thanks to the very fact that they can be so easily to obtain.
When borrowing money, the loan repayment is the first thing we care about. The second one is to avoid having to apply for another payday loan. This is possible if you borrow a really, really small amount of money. In most cases, the borrower will be forced to come back for more. Given the amount of interest rate the borrower must pay on the requested amount does not give the place to another conclusion. Thus, borrow only when you really need to borrow and only in the cases where there is no another possible solution.
But if you really borrow the amount you need and you are able to repay that sum of money without having a negative influence on your financial situation, then the payday loan will be the best solution for your problems.