Best Saving Accounts What Must You Look For

Best Saving Accounts What Must You Look For

 

Most people begin their financial journey by opening a regular account which they use for nothing more than depositing and issuing checks. A lot of these people allow money to remain in these accounts till it reaches an amount and then they begin looking at options for saving accounts. It is needless to mention as to why people would want the best saving accounts they can get at this stage, because their financial life is almost on the verge of or already has become stable. The account they are opening now is an instrument of savings. This can be call a freedom account.

 

Probably you are contemplating on opening a freedom account too. If you are doing that, there are certain things you must look for. One of the first things that you must remember is that the bank or credit union where you have your regular account is not necessarily the bank or credit union with the best saving accounts too. With a freedom account, the stakes are higher because banks or credit unions must pay you interest on the deposits that you make. Naturally, the bank or credit union that can provide you the best rate of interest will be the best saving account bank or credit union for you.

 

Understand what is a freedom account all about. The freedom account is where you set aside into a savings account from 3 to 10% of your total income each month for education, self-improvement, or asset building investments only. Not for personal or entertainment items that cost you money. It is called a freedom account because it’s goal is to help you free yourself from the credit rat race. But there are some other considerations to make here.

 

Here we list the five important points you must look at when you are scouting for banks or credit unions that can provide best saving accounts.

 

(I)         The first thing you must look at is naturally the rate of interest. Since it is the bank or credit union that will be paying you the interest, you must select the bank or credit union that provides you the highest rate of interest. This should be one of the primary points that you should be looking at, but certainly it should not be the only point.

 

(ii)        The second thing you need to check is the amount that the bank or credit union needs you to deposit so that you can open the account. Different financial institutions have different limits here and hence you need to ask them personally or check their written brochures.

 

(iii)       Since these are savings accounts, you will need to keep some amount in the bank or credit union each month. This amount is called as minimum deposit. It acts as a kind of security for the bank or credit union as well as it helps you to save that amount of money, adding more meaning to the concept of savings accounts. But you must see if you can afford to keep this minimum deposit with the bank or credit union because if your total deposited amount goes less than this, you must pay an additional charge.

 

(iv)       There may also be a limit on the number and the amount of withdrawals that you make from the savings account. See if that meets your needs. With some banks or credit unions, you can make more withdrawals than the number that they allow but you must pay an additional charge for that.

 

(v)        One more point that you must check is the notice period before you can make a withdrawal, which is typical of most savings accounts. If this period stretches out to too long (in some banks or credit unions it could be as much as three months), the account may not be suitable to your needs.

 

Hence, choosing best saving accounts is not a very easy task because there are several things that you need to consider. But being aware of what you need to look at, you are liable to make a better decision.

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A Brief History of Stock Market Trading

A Brief History Of Stock Market Trading

Any brief history of stock market or share trading has to immediately start by recognizing that the exact origins are lost in the mists of time. There are conflicting reports that Muslim and Jewish merchants in Cairo were the first to establish a stock market while the traditionalists maintain the oldest ones were actually in Italy and these are usually the starting point when considering a brief history of stock market trading.

The 13th Century Italians almost certainly had the closest share trading markets to what we would recognize today. The Venetian traders were probably the first ones to begin dealing with government securities and even back then there was insider trading going on. In fact as early as 1351 there was a law passed in Venice which was designed to stop people spreading rumors that would drive down prices.

As more formal commerce spread around Europe so did the need to have stock markets. By around the 16th and 17th centuries Amsterdam had begun to become the main stock market in Europe. It was there that the very first company to issue stocks and bonds was formed. This was the Dutch East India Company who issued the first share ever to be sold on the Amsterdam Stock Exchange.

The Dutch as leaders in this new field soon began to develop some of the financial instruments that we are all still familiar with today. They introduced things such as traded options, short selling, unit trusts and even debt-equity swaps which were revolutionary at the time.

After the early success of those Dutch pioneers other countries soon began to see how they could copy this new trading model. Perhaps the most successful were the English with the London Stock Exchange. The LSE even today is acknowledged as the leading stock market in the world.

It was to London that the first American Secretary of the Treasury, Alexander Hamilton, turned when he wanted to begin development of economic power in the New World. Hamilton founded the New York Stock Exchange on Wall Street in the late 18th century where it was joined around fifty years later by what is now the American Stock Exchange. Both the NYSE and Amex remain on Wall Street to this day.

Throughout the history of stock trading there have been many stories of huge successes such as the Dutch East India Company. There have also been many spectacular financial failures. Two of the most notable are the South Sea Bubble and the 1929 Wall Street crash but they all go to make up the fascinating and brief history of stock market trading.

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