You are on page 1of 2


uon'L know where Lo place your hardearned money? Conslder Lhls fundamenLal concepL ln flnance
1be 1lme voloe of Mooey A uollot kecelveJ 1oJoy ls wottb Mote 1boo o uollot kecelveJ lo tbe
lotote and declde on how Lo make Lhe besL ouL of your cash
When you deposlL your money wlLh banks Lhey have a loL Lo offer you buL one Lype of accounL LhaL
sounds Lruly caLchy ls Lhe Plgh ?leld Savlngs AccounL
n|gh |e|d Sav|ngs Account Def|ned
,any banks already offer Plgh ?leld Savlngs AccounL Lo Lhelr cllenLs buL whaL does Lhls exacLly mean? lL
slmply ls a savlngs accounL LhaL allows your savlngs Lo earn lnLeresL aL a Lop growLh raLe WlLh Lhls
accounL your savlngs ls meanL Lo grow slgnlflcanLly as compared Lo a LradlLlonal savlngs accounL ,osL
of Lhese accounLs offer lederal ueposlL lnsurance CorporaLlon (lulC) coverage normally Lhls accounL ls
malnLalned onllne
1he k|ght |aces 1o I|nd n|gh |e|d Sav|ngs Account
llndlng Plgh ?leld Savlngs AccounL ls noL LhaL dlfflculL Cne way Lo do lL ls Lo hop from one bank Lo
anoLher or you can [usL sLlck wlLh your exlsLlng bank and lnqulre lf Lhey offer a Plgh ?leld Savlngs
AccounL CLherwlse you can Lry Lo search web !usL use Lhe name of Lhe accounL and ln [usL one cllck a
llsL of repuLable banks ln your area wlll unfold ,ore Lhan LhaL you wlll be able Lo search for revlews
and be able Lo ldenLlfy a preLenLlous banklng slLe from a leglLlmaLe one
I|nd|ng the 8est n|gh |e|d Sav|ngs Account
uo a llLLle blL of shopplng for you Lo flnd Lhe bank LhaL offers Lhe besL lnLeresL raLes AmongsL Lhe plenLy
number of banks ouL Lhere flnd Lhe one LhaL Lruly sulLs your needs 8anklng ls a compeLlLlve markeL lor
Lhls reason banks may Lry Lo ouLdo Lhelr compeLlLlon by offerlng a compeLlLlve accounL Lo Lhe publlc
Lach bank may clalm a hlgh Annual ercenLage ?leld (A?) Lhus make sure LhaL you consulL noL one buL
Lwo or more repuLable banks as Lo Lhe lnLeresL raLe Lhey offer before you seLLle on where Lo lnvesL
ln addlLlon make sure LhaL you lnqulre as Lo Lhe requlremenLs of Lhelr Plgh ?leld Savlngs AccounL as
mosL banks offer such accounL only Lo selecLed or valued cllenLs 1yplcally meeLlng any of Lhe followlng
classlc crlLerla ls requlred
1 A saLlsfacLorlly large lnlLlal deposlL upon openlng of an accounL
2 aymenL of hlgh lnLeresL (A?)
3 Plgh balance malnLalned over Llme
4 LlmlLed wlLhdrawal from Lhe accounL boLh as Lo amounL and frequency
3 use of oLher bank servlces le credlL cards home loan and
6 ,alnLenance of addlLlonal accounLs
,ak|ng A Cho|ce
now LhaL you know where Lo flnd Lhe besL Plgh ?leld Savlngs AccounL here are Lhe crlLlcal facLors LhaL
you should conslder before maklng a declslon
1 Can you afford Lo make Lhe requlred lnlLlal deposlL?
2 Pow much wlll be Lhe lnLeresL Lo be pald (A?)?
3 Pow long wlll Lhe lnLeresL raLe lasL?
4 Pow ls Lhe lnLeresL calculaLed (dally monLhly quarLerly semlannually or annually)?
3 Can you malnLaln Lhe mlnlmum balance requlred?
6 uoes Lhe bank allow llnklng of your accounL Lo your oLher bank or brokerage accounLs?
7 Pow much wlll Lhe bank charge you when you apply for your or seL up a new Plgh ?leld Savlngs
8 WhaL addlLlonal accounLs should you malnLaln?
9 1he acLual llmlL of your LransacLlons
10 Pow can you handle your deposlLs (le mall bank Lransfer A1, eLc) and
11 CLher wlLhdrawal opLlons (le checks A1,)
Answer Lhese quesLlons based on your ablllLy Lo pay vlsvls your needs for you Lo come up wlLh Lhe
besL declslon
1he 8enef|ts of n|gh |e|d Sav|ngs Account
Plgh ?leld Savlngs AccounL also has lLs own beneflLs and Lhey are
1 SecurlLy Lhe malnLenance of Plgh ?leld Savlngs AccounL ls usually performed onllne and by
Lhls Lhe bank ls essenLlally assurlng Lhe safeLy of your money lurLhermore you wlll be able Lo
access your accounL aL any Llme WheLher you Lake ouL your fund or noL ls all up Lo you
2 CuaranLee Lhe facL LhaL Lhls ls a savlngs accounL lL ls noL a speculaLlve lnvesLmenL Lhus you
are guaranLeed a monLhly reLurn of lnvesLmenL
3 uevelop a good savlngs hablL openlng a savlngs accounL can compel you Lo make regular
deposlLs Lhus as lL ls done regularly lL becomes a hablL whlch ls ln any way a good Lhlng
4 CrowLh Lhe llkellhood of your savlngs Lo grow ls evldenLly hlgh as lL ls sub[ecL Lo a Lop growLh