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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 LhaL deposlLlng your money wlLh banks ls wlse
When you deposlL your money wlLh banks Lhey have a loL Lo offer you buL one Lype accounL LhaL
sounds Lruly caLchy ls Lhe Plgh ?leld Savlngs AccounL
What |t |s?
,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
Where to f|nd?
knowlng LhaL your money would earn a hlgh lnLeresL when you avall of a Plgh ?leld Savlngs AccounL lL's
buL Lhe rlghL Llme Lo know where Lo flnd lL
Pop from one bank Lo anoLher or sLlck wlLh your exlsLlng bank and lnqulre lf Lhey offer a Plgh ?leld
Savlngs AccounL lf by Lhls means you aren'L able Lo flnd LhaL ls favourable Lo you Lhen go onllne buL
only lf you are comforLable wlLh onllne banklng 8e able Lo search fasLer wlLh Coogle as lL ls slmply whaL
you need !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
now to f|nd the best n|gh |e|d Sav|ngs Account?
8anklng ls a compeLlLlve markeL and Lhls ls a facL So lL ls Laken LhaL each bank wlll offer a compeLlLlve
accounL Lo Lhe publlc and wlll flnd a way Lo sLand ouL among oLhers 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 because Lhls way you wlll surely flnd Lhe besL lnLeresL raLe for you
ln addlLlon make sure LhaL you lnqulre as Lo Lhe requlremenLs before you can avall of Lhelr Plgh ?leld
Savlngs AccounL as mosL banks offer such accounL only Lo selecLed or valued cllenLs usually meeLlng
any of Lhe followlng classlc crlLerla ls requlred
1 A saLlsfacLorlly large lnlLlal deposlL upon openlng of an accounL
2 Plgh balance malnLalned over Llme
3 LlmlLed wlLhdrawal from Lhe accounL boLh as Lo amounL and frequency
4 use of oLher bank servlces le credlL cards home loan
now to eva|uate?
-ow 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,)
1o glve you more ldeas here are among Lhe besL Plgh ?leld Savlngs AccounL popular Lo Lhe publlc
1 W1 D|rect offerlng 121 A? requlrlng a mlnlmum balance of $10000
2 nS8C Advance offerlng 110 A? wlLh no mlnlmum balance requlremenL
3 Lver8ank offerlng 223 A1 for Lhe flrsL Lhree (3) monLhs and 131 A? for Lhe flrsL year wlLh
a requlred mlnlmum deposlL of $1300
4 L*1rade 8ank offerlng 040 A? wlLh no mlnlmum balance requlremenL
3 ING D|rect offerlng 23 Lo 123 wlLh no mlnlmum balance requlremenL
6 Do||ar Sav|ngs D|rect offerlng 130 A? wlLh lnlLlal deposlL requlremenL of $1000 and
7 A||y 8ank offerlng 123 wlLhouL requlremenL on mlnlmum balance
Savlng money as early as now ensures LhaL you have someLhlng Lo use ln Lhe fuLure 1he sLaLus of our
presenL economy proves LhaL our sLable lncome Loday wlll sLlll be Lhe same Lomorrow 1hus securlng
our money wlLh banks and chooslng Lhe rlghL accounL are essenLlal lf l were Lo choose Plgh ?leld
Savlngs AccounL belng safe secure and maxlmlzes savlngs would be a wlse cholce