Tip & How-To about Finance

What is a Personal Savings Account?

For the average person, a personal savings account is the most common type of account other than a checking account for day to day banking activity.

Savings account are different as they provide you with a safe place to keep your money and earn some extra interest on it. Each bank has it's own rules as to whether you need to put a minimum amount in the account and how much interest they pay.

Savings accounts are a great idea for people who have extra cash that they kept around the house. Spare money is much safer in a bank account which is an insured environment, than stuffed under a mattress.

Studies have also shown that people who put money aside in a savings account are much less likely to spend it than those who don't.

Savings accounts are not hard to open. You just find out from your bank what the minimum desposit is and ask how and when you can withdraw money.

Higher interest accounts tend to have more restrictions ie you can only withdraw once a month without incurring a fine of some kind but these are details that you can work out with your bank.

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why can i not get onto commonwealth netbank


With more than 1,000 bank branches and one of the largest ATM networks in Australia, Commonwealth Bank offers a wide selection of checking, savings and term deposit accounts, depending on your personal or business financial needs.

Whether you open an account over the phone, in person or online, the process is simple and relatively pain-free.

Log on to the Commonwealth Bank website (see Bottom of page).
Under the "Personal" tab, click on "Bank Accounts."

Hit the "Getting Started" link in the upper-left corner under "Reaching Your Goals" to start the process of choosing and opening an account.


Hit "Choosing the Right Account" under the "Quick Access Menu" to review and decide what type of account you want to open at Commonwealth Bank.
View the "Account Comparison Table" to compare account options and features such as monthly withdrawal and minimum balance fees, limitations and interest rates.

Apply for an account online by clicking the "Online Application Form" under "Applying for an Account."

Read the "Privacy Acknowledgment and Consent" that pops up on your screen and click "Continue" to indicate your consent.

Begin the online application.
Decide if you need a transaction account or a savings account and select the account type under the corresponding category by clicking the appropriate radio button.

(Transaction accounts enable customers to make deposits and withdrawals, receive salary payments and pay bills.)

Choose a Smart Access, Complete Access, Streamline Account, AwardSaver Account, Youthsaver Account, Cash Investment Account or Pensioner Security Account.

Confirm that you're 16 or older and hit "Continue." Complete the personal details for your new account, including your name, gender, date of birth, marital status, occupation, address, phone numbers, email address, preferred language and your tax file number.

Indicate if your account will be owned by just you or jointly with someone else.
Check off if you'd like a confirmation email after you save or submit your application, whether you already have another account with Commonwealth Bank and whether you want card access.

Click the "Marketing Information" box if you want to receive information about new products and services. Hit "Continue."


Complete your application by filling out the details about your deposit account on the next page. Review your online application to confirm that the information you entered is correct and legal and hit "Submit."
Wait for email confirmation and wait for approval of your new account.

http://www.commbank.com.au/

May 01, 2014 | Computers & Internet

1 Answer

What are the different types of savings accounts?


Taken from http://money.howstuffworks.com/personal-finance/budgeting/savings-accounts1.htm
Banks usually offer two types of savings accounts: a basic savings account, and a money market account.
· The basic savings account (sometimes called a passbook savings account) will usually have either no minimum balance requirement or a low one, but will offer a very low interest rate (meaning your money won't earn that much). In April 2004, the average interest rate at banks for basic savings accounts was less than one percent. A typical basic savings account lets you withdraw your money whenever you want.
· Money Market accounts usually pay more money in interest, but will typically require you to have more money in the account. You also may be limited to how many withdrawals you can make in a month. Sometimes, in addition to the withdrawals, you can also write up to the three checks on a money market account each month.

Aug 14, 2013 | Finance

1 Answer

What is compounded interest in a personal savings account?


Compounded Interest is when the bank pays you interest on the interest. For example, if your savings account earns interest of 1%, then each day of that 1% of the amount of money you have in your savings account is added to your total amount of money.
Daily compounding = Principal (1 + interest rate/365)365 = (daily compounded amount)

Aug 14, 2013 | Finance

3 Answers

dont know how


Things You'll Need: A Computer A Checking or Savings Account A Valid Email Address
How to Set Up a Personal PayPal Account
Step 1 Go to PayPal.com and click on sign up on the top of the page. You'll need to choose your account type here. You want to select Personal Account. Click the "Start Now" button to begin.
Step 2 Enter your personal information and create a password. Read the user agreement and privacy policy and then click "I Agree, Create My Account" at the bottom of the page. This will take you to a screen where you have to enter your bank account information so that you can send and receive money.
Step 3 Enter your bank name and type of account, checking or savings. Then enter your bank routing number. It is usually the set of numbers at the bottom of your check all the way to the left. Then enter your bank account number. This is usually the set of numbers in the middle on the bottom of your check.
Step 4 Click submit when all of your information has been entered. PayPal will then send you an email to verify your information.
Step 5 Open the email and click on the link they give you. This will take you to an information verification screen. You will have to enter the answers to your security questions here and verify your information. Once completed, you will see a message that says your account has been successfully completed. Congratulations. You are all set to start sending and receiving money through PayPal.
Tips & Warnings - PayPal only accepts one checking or savings account number per Personal Account. If you want to set up more than one Personal Account you will need a different email address and account number for each one created.
How to Set Up a Personal PayPal Account - Watch Video
Please give the positive feedback on the given answer. Thanks for using Fixya. Anand Kumar

Apr 03, 2010 | PayPal Accounts

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