Not only are there so many banks, but they offer a large choice of bank accounts, and each bank has their own terms and offers in connection to those accounts. Therefore, it can be very difficult to choose the right bank and the type of the account for your specific needs, especially if you are new to this and if you are about to open your first bank account. In this article we will present some of the most common types of bank accounts, as well as the tips on how to choose the right one for you.
First of all, there are several types of bank accounts, used for different purposes. Current accounts are mostly used for daily transfer of money and if you need the access to your money at any time. There are savings accounts, which are used for depositing and saving usually a large amount of money, on which the interest is cumulated as the money sits on the account. There are also retirement accounts, used for saving the money for the retirement, and brokerage accounts, used for trading on the stock market.
I order to choose the ideal account for your needs and to make the most out of it, make sure to follow these steps:
Determine what you need the account for – since there are many different account types, it may all seem confusing at the beginning. This is why you need to determine the reason for opening a bank account even before you start browsing banks and the offers they give.
Decide which features you find the most important – when you have thought of the type of the account that may be the best for you, it is time to think of the features and what is the most important to you when opening the account. With a savings account it can be the amount of the interest rate, the period of withdrawal restriction or the maximum amount of money to deposit. With checking account, it can be whether it bears an interest or not, the accessibility of the money and the amount of fees that come with the account. Focusing on the most important features will also help you focus on the accounts that may be the most suitable for you.
Compare different banks and their offers – lastly, when you have decided what you need the account for and what type of the account you would like to use, make sure to compare the same type of the account in different banks. The fees, interests and terms and conditions differ largely from bank to bank. Therefore, do not hesitate to use your right to choose the best deal and the account out of which you will get the most.
In the world of finance, scams and frauds of all kinds are unfortunately very common. They can be found in a range of areas: lottery, credit and debit cards, work-at-home, online shopping and even charity. The type of fraud we are going to deal with in this article is bank account fraud, which is also very common and everybody can be a victim of one.
Bank account fraud works as follows – it will typically be pulled off by someone you do not know, but it can even be done by some of your acquaintances and people you know, but you are not very close to. They will ask you to cash a check they give you and put the money into your personal bank account. After doing so, you should withdraw a part or all of that money from your bank account and use it for a specified purpose, which will seem reasonable and legitimate. However, the check is fraudulent, and since you have deposited it into your account, when the fraud is discovered, your account will be cleared for the amount you have previously withdrawn, and you will be considered responsible.
Scams such as this one are often used on the individuals looking for a job, no matter if it is an online or any other type of job. It is also common with people searching for dating opportunities, who sell different items or even people who work for a charity and who are generally willing to help someone in need.
Scammers who pull off this sort of scam usually require you to act quickly and leave you no time and space to think and use your common sense. Instead, they rush you into cashing in the check, because they know that some time should pass before the check is discovered as fraudulent, and they want to get their money before the check is proven as having no cover.
No matter how common this scam is, there are certainly ways of protecting yourself from it. First of all, feel free to be suspicious. Question every offer that seems unreasonable and suspicious, and always make sure to do some research and investigation before you accept anything that could get you involved in any kind of transactions. In this situation, be suspicious when you are asked to cash someone else’s check, especially if you are required to immediately give out the part of those funds to someone. Keep in mind that you are liable for every sum of money that goes through your bank account, so make sure to respect the terms determined by your bank and related to the type of the account you have.
If you get an offer like this, feel free to ask the offer giver to verify the legitimacy of the company or an individual he claims to stands behind. If you have any suspicions, you may contact your bank and report the issue, because they will be able to help you in these situations. Last, but not least, use your common sense, because if you get an offer that seems too good to be true, it most probably is.
Credit cards are a type of revolving credit. They are very simple and easy to use, but that simplicity has a high cost. The interest payable on a debt that is not repaid until the due date every month – usually higher than the interest on any other type of loan. In addition, often there are a number of hidden costs that significantly increase the cost of Use. Therefore, the ideal would be to use a credit card only when the whole debt can be repaid quickly. Otherwise, other types of loans may be more favorable.
If you decide to use a credit card, here are some tips on how to use it in the best way:
- Find a card with the lowest interest rate – keep in mind that the interest rate on cards of different banks may vary considerably, for example, from 1.4% to 3% on a monthly basis. This means that the annual interest rate is 16-36%!
- Find a card with the lowest fee – banks charge an annual fee for use of the card, and it can vary significantly.
- Make sure the allowed limit on the credit card you can afford – do not increase the limit just because your bank offers this option or because you know that you can spend it.
- Repayment of the entire credit card debt each month to avoid high interest. Never pay only the minimum amount – if you cannot repay the entire amount of the debt, pay more than the minimum each month. If you only pay the minimum amount, you will need years to repay its debt, assuming that no longer use the card.
- Do not use a credit card to withdraw cash – bank for this service charge very high fees, and you will be calculated high rate of interest on the amount that you raised from the moment of making money – not from the date when you spend it.
- Avoid using more than one credit card – even if you do not use all the cards in your possession, you will pay the annual fee for use.
- Avoid using credit cards – sometimes it is easier to leave the card at home, but resist the temptation to use it!
- Get familiar with your responsibilities in case of card loss or identity theft – This means that if someone misuses your credit card, you will be responsible for all costs incurred.
Although the obligation to repay only 5% of the debt on the credit card seems very tempting, it is a dangerous option. Because it can be responsible for ages! Minimum repayments of debt on a credit card are mathematically designed so long that lasts longer. The reason is that constantly repays 5% of the outstanding amount. Banks in this way very well earn given the very high interest rates they charge.
Repayment of debt on a credit card is confusing because of the war depends not only on interest. The whole trap “minimum repayment” is the fact that the required payment only of a certain percentage of the outstanding debt. For credit card payments, interest is calculated each month, so the interest is calculated on interest. It is therefore easily to happen that the largest part of the debt becomes just the interest.read more
How many times has happened to you that you were left with no money in your pocket? You went to the bank that has rejected to give you a loan, and your colleagues just shrugged with their shoulders because not even they could help you. There are online sites that will give you a payday loan. Much needed money that you could not get from the bank by taking a loan…because, according to them, you are incapable for taking a credit there; also, you do not have a contract for permanent, or your employer does not send the entire salary to your bank account… So, feel free to contact companies that provide payday loans that with will give you fast loans without the certification from the employer.
Why should you try payday loans without certification from the employer? Simply because, you sould just contact these kind of corporations and within 15 minutes they will approve and pay out money to you! Access is very easy and requires you only 2 minutes to fill out the application form and submit to them the necessary documents.
To withdraw payday loans without certification from the employer does not require standing and waiting in lines, wrinkling at the counters, a ton of paperwork and extra costs of public notaries.
Do not allow to yourself to miss any money anytime! Get rid of the accumulated debts, pay bills, close your old loans and give your family a nice gift. Payday loan companies do not look at whether you are employed for a definite or indefinite period so that there will be no problem to approve loans without certification from the employer even though it may seem unreal to you.