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Joint Savings and Checking Accounts
Having a joint savings or checking account can be convenient for married couples and family members. With one account, there is only one set of fees to pay and joint holders can put their money together, plan for a budget, and plan to pay bills. Joint account holders can designate one person to manage transactions or both could.
Joint accounts could be a risk factor if a relationship develops problems. In this case, one holder may decide to withdraw all the funds or overdraw the account. Nothing could be done when this happens because it would not be considered fraud. It is best to make sure all persons placed on joint accounts can be trusted to avoid any account problems.
Many times shared accounts can make bill paying and easier task. For example, elderly parents may choose to put their adult kids on their checking and savings accounts so they can help them with their finances. Banks usually give joint account holders the options of “both to sign” or “either to sign”. If a partner can't be trusted, then choosing the “both to sign” option may be the best choice so any transactions require the consent of both parties. If trust is not a problem, then the “either to sign” option can make it easier to allow either account holder to do any needed transactions. Checking and Savings Accounts
Usually checking accounts do not pay interest and if they do, it will probably be smaller than what can be earned on a savings account. Checking accounts can offer unlimited withdrawals, the use of a debit card, and check writing features. When checks are written and there is no money in the account there are fees charged. The good thing about having a savings and a checking account is that you can usually transfer funds between accounts by the next business day. Online banking can make managing these accounts easier and usually offer bill pay features.
Savings accounts offer the ability to earn interest on the funds in the account. The bank does this because it uses the funds in savings accounts to make loans and conduct other business. Savings accounts may limit the number of withdrawals per statement cycle and require a minimum balance. This helps the bank ensure they have enough funds at their disposal. Some savings accounts charge a fee if the account falls below the minimum balance required.
There are several types of checking and savings accounts available, and you would need to choose the type depending on your financial needs. Two common types of checking accounts are joint checking (owned by two people) and express checking (those who don't need to do a lot of banking). An express checking account is good for those who are comfortable using an ATM, telephone, or computer to make bank transactions. These accounts usually have low minimum balance requirements and no monthly fees. Two common types of savings accounts are passbook accounts and high-yield savings accounts. Passbook savings accounts where deposits, withdrawals, and interest is recorded in a passbook the account holder keeps and a high-yield savings account (earns a higher interest rate) but requires a large initial deposit and must maintains a high minimum balance. Banking, Checking, Savings
Banks earn most of their money from fees they charge you, and you can save more of your money by avoiding those fees while taking advantage of their services. If may take some time to determine which bank has the most perks to offer. Consider choosing one that is a Federal Deposit Insurance Corp (FDIC). It insures deposits and savings and the coverage was raised to $250,000 per depositor, per insured bank. You will know if the bank is insured as they will display the FDIC sign. If you are considering a credit union, they have the National Credit Union Administration, which is a government agency.
Bank failures can happen even though it is rare, so it is good to know what they cover. Most consumers choose the basic bank service of a checking account, and there are many choices like free accounts with no minimum balance or accounts that pay interest if a certain minimum balance is maintained. For those who have more money, money-market accounts can offer higher interest rates but they usually require a high balance and limit the number of checks you can write.
It is best to ask the bank for a description of each type of account you are interested in and inquire about monthly fees and penalties. Fees for insufficient-fund checks can be as high as $30. Some banks enroll customers for bounced-check protection and they will cover the NSF check up to a certain amount. There can still be more charges until you pay what you owe. Some offer overdraft protection for a fee, the bank will draw on your savings account, credit card or line of credit to cover bad checks. Banks may be fast to process checks you've written, but they can be slow when making deposits available in your account. It could take as long as 10 business days or more for large checks or checks that are not local to clear. It is easy to compare banks online to learn about the benefits each one has to offer and you never have to leave your home. Look for a bank that is close by and has the perks you need. Checking Savings Accounts
It can be a good idea to start an emergency savings account and get in the habit of saving money. It takes doing a task several times for it to become a habit. One way to start is to have money from your paycheck directly deposited as a way to pay yourself first. Start with a certain percent, about 10% can be a good starting number. You may find you don't even miss having such a small amount going into your savings account.
If debts or other expenses are a problem, for example you have a huge insurance note or you just want to set aside money toward retirement, consider a dedicated savings account. Look for a high yield savings account, or one that is easy to get the money if it was needed, and an account free of any investment risks. An FDIC insured, high-yield savings account could be a one choice and they are available nationwide.
Consider getting a free checking account to further save money on banking fees. Some banks charge a monthly service fee if a certain balance is not kept, be sure to review all details for having the account. Look for a checking account that does not charge a monthly service or per-transaction fees, and that does not require a minimum balance.
Small community banks, credit unions, and online banks may be a starting place to look. Once you get your accounts set up, track your monthly spending, to see just where your money goes. By reviewing statements, you can determine where to make cuts to save more money. Typically setting a goal to track expenses for two to three months can be very revealing. Use that information to build a monthly spending plan. Be sure to re-evaluate your plan often in case some changes need to be implemented. Checking Savings
A checking account is a service provided by a financial institution that lets account holders deposit and withdraw money from a federally protected account. The account allows the use of a debit card and/or checks usually without restrictions on the number of deposits and withdrawals that can be made. Rules and regulations can vary from institution to institution. Some accounts have balance requirements and others do not. Generally, every bank has three or more different types of checking accounts. Free checking accounts are one of the most popular accounts, it does not charge fees for the account unless there are overdrafts. Review the conditions as some banks may require direct deposit or other restrictions to get the account free.
When consumers open an account, the bank will run a check on the applicant using either Chexsystems or TeleCheck. This is to let the bank know if the person has any history of writing bad checks or account abuse. They do not hit your credit when you are checked. If there is some negative information, the applicant could be rejected. Even though anything has been paid off, negative history can stay within the system for five years. There is a second-chance bank account as an option. This may be a chance to get approved for a bank account regardless of negative history. Even these accounts have certain restrictions, so it is important to review any terms and conditions for the bank account.
Many consumers have regular checking accounts that are no longer offered, yet some banks don't require the account holder to change to another account. This may be called a grandfathered account. The trouble could be that new types of accounts may offer free accounts if a minimum balance is kept, if the terms are not met, a fee is charged.
High yield checking accounts usually come with a higher interest rate than a regular checking or savings account. Interest could be tiered, based on the balances that are kept. These accounts are good for those who like to have large balances in their checking accounts. Because interest rates are higher, so are the balance requirements. There could be a monthly fee for falling below the requirements. Sometimes a financial institution will offer this account with a standard monthly fee, and there may be higher interest rates and benefits like accidental death and dismemberment insurance, travel and entertainment discounts, and other perks. It is best to find out what balance you should keep to offset any monthly fees.
The average over drafting fee can be as much as $30 per item that overdraws an account. It does not matter what the amount is, be sure to monitor account balances to avoid these fees. Tracking accounts online can be the quickest and easiest ways to keep finances in check. There are usually choices for overdraft protection, which may be in the way of savings, line of credit, or a credit card. Making sure you have some overdraft protection linked to an account can help you avoid paying high overdraft fees. There may be a small fee for the transfer from your protection account but the fees are usually much smaller. The important thing is be financially responsible with accounts to avoid extra fees. Investments and Retirement:
There are options for investments before and after retirement. One thing anyone can do is to learn new financial skills and to take financial classes to gain knowledge about money, investing, and finances. If this type of learning is not for you, a financial expert can be very valuable. Money is necessary after retirement for paying expenses and bills. Some facing retirement only plan for fun activities like traveling, but it is important to meet all possible expenses and make sure retirement money does not give out. It is not wise to sit back and wait for retirement benefits to start but to help build funds that will last through the retirement years. Strive to keep retirement funds growing to have the best possible retirement.
* Create a detailed retirement plan.
* Consider bonds as an investment as they mature over time.
* Start saving and keep saving before retirement even starts.
* Research investment options yourself or get a financial advisor to give advice.
* Don't leave retirement years to chance, take an active part in planning for them.
* Review insurance companies and financial institution investments to get the most out of investing.
* Stocks can be an option as businesses can grow and profit and shares can increase.
* Consider buying real-estate as an investment as the price of properties can increase and it could be sold.
* Consider getting an IRA ( investment retirement account ), there are several types and they can have tax advantages.
* Review affordable insurance plans, weigh the pros and cons of each company, and choose a plan that will fit your medical needs and budget. Life Insurance
Agents sometimes try to promote a cash-value insurance policy as a way to invest for retirement and that it is like a savings. Yet retirement plans like 401(k)s force you to save too. The money that builds up in a cash-value policy can grow tax-deferred but money in IRAs and 401(k)s do too. Cash-value insurance can be a costly way to invest as it can be more expensive than a regular term insurance policy. There may be a surrender charge if the policy is dropped within the first 10 years or so. A surrender charge varies by insurer and the type of policy and it could exceed the total amount of the first-year premium.
Then there are annual investment fees and it can be difficult to know how much you are paying. They are usually disclosed in variable life or variable universal life policies. Investment management fee could be as high as 2% a year along with an annual fee called the mortality and expense charge or M&E. This is a fee to assure the insurance company makes some profit. Fees for a cash-value life insurance can pull down returns. When life insurance is needed, consider getting term insurance and then consider IRAs, 401(k)s or other types of retirement plans. Insurance Investment
Sometimes Agents try to sell consumers a cash-value policy as a way for them to invest for retirement and may say that the investing component is a forced savings. But consider that retirement plans like 401(k)s is a way to force you to save too. Money that builds up in a cash-value policy can grow tax-deferred, but money in IRAs and 401(k)s do too and a cash-value insurance could be a poor investment that is costly.
The cost of the insurance protection itself can be more expensive than what would be paid for a regular term insurance policy. There many be marketing and sales commissions along with a surrender charge that may be levied if the policy is dropped within so many years. The amount of a surrender charge varies by insurer and type of policy, but could exceed the total amount of a first-year premium. Then there are annual investment fees which can be difficult to know the cost. In policies where they are disclosed, they could be 3% or more, year end and year out.
The investment management fee, which could be as much as 2% a year and the annual fee, or mortality and expense charge is a fee to assure an insurance company gets a profit. The fees for cash-value life insurance can pull down the returns. Index mutual funds often have annual expenses under 0.5%, and many mutual funds charge about 1% which is less than 3% for an investment component on a cash-value policy. Consider the options of getting term insurance and to invest for retirement, invest in IRAs, 401(k)s or similar retirement plans. Invest Retire
Most would like to save on taxes in retirement years and a secure retirement means financial plans must always be monitored. Finding ways to help retirement life be less taxing has never been more important. The best goals are trying to keep what has been earned instead of what you could earn.
Be aware that if income during retirement is about $60,000, you would need around $80,000 to cover federal taxes. It is important to plan for such reductions in funds. With this in mind, the best way to plan is to try to keep what you have. Review all sources for income before retirement years roll around. Figure current taxes as well as what taxes may be during your future retirement. Once you do this, figure in withdrawals that take tax information into account. Plan on about 25 or more years for retirement years. Inflation and how your income will grow or be reduced are factors to consider. Try to determine with these things in mind, what value your nest egg will be in retirement years.
Investing in a mix of assets that fits the risks you are willing to take, and how inflation can affect income are things to work around. When working, it could be better to put assets in accounts in which the tax on income and capital gains is deferred until retirement age. This is because distributions will be taxed at a lower tax rate. The other advantage is that any gains that could be eroded by current taxes, would be left to accumulate. Some IRAs and 401(k)s allow for contributions that are excludable from current income.
Almost 70% of pre-retirees plan to work part-time or full time in retirement years. Some plan never to retire. Yet by continuing to work, Social Security benefits are reduced by $1 for every $2 of earned household income over $13,560. When you attain full retirement age, benefits are reduced by $1 for every $3 of earned income over some $36,00 for the months until you reach full retirement. After reaching full retirement, there is no reduction in benefits due to earned income. Social Security benefits may be taxable if household income exceeds $25,000 for single people and $32,000 for couples. It can be important to get professional counseling and consult a tax advisor for retirement years as investing and taxes can be complicated. It is very important to consider risks and expenses carefully before investing any of your hard earned money. Investing Insurance Retirement
Mutual funds are is one of the best investment vehicles and can be a good part of a retirement plan, and you can get professional management. Smart people can have the job of selecting investments for the fund you’ve chosen while you are doing other things. There is also some diversification, as there could be a hundred stocks or more in one fund. The disadvantage to a mutual fund is that there is no guaranteed, return and stock mutual funds can increase or decrease in value due to fluctuations in the market. This means you may either make money or lose it.
A savings account or a CD with a major bank has FDIC insurance to cover your losses but for an investment to have a chance of out-pacing inflation, it can’t be tied to any particular fixed rate of return. Federally insured CDs and savings accounts are good for retirement planning, but not as a means to wealth-building.
Research some stock mutual funds so that you can compile some questions to ask a financial advisor. Evaluate the track record, management team, and types of stocks within the fund. Review the fund’s earlier track record and how the fund has performed over the last one, three, and five years. Sometimes a 10-year history is available but it may not be helpful because things can change over the years. Keep in mind that past performance doesn’t guarantee future results, but it could give you an idea whether the fund manager knows how to maximize returns. If you check the track record of a particular fund, find out if the same manager is in charge.
Consider the fees because there are a variety of charges associated with mutual funds like commissions, marketing charges, and fees due upon sale to name a few. Of course the more charges you pay, the more your return is reduced and you will want to evaluate the risk factors. Look at a fund’s risk category to see if the funds are low, medium or high risk.
This is only the basics of what you really need to know to make a good decision. Never invest without doing some research and get advice from a qualified financial advisor. It is best not to invest in anything you don’t understand and don't be in a hurry to invest. Most consumers believe you should never have all your eggs in one basket, but have a mix of stock funds, bond funds and cash savings and align these with your investment objectives and retirement plan. Financial advisors can give advice for the type of investments based on your age and risk tolerance.
It is important to do some math, for example, if you invested $1,000, and in one year it earned a 50 percent return, and the next year it lost 50 percent, a thousand dollars making a 50 percent annual return would total $1,500. If it then loses 50 percent, it would now total $750 and you lost money. Look closely at the risk factor and your principal amount. Aggressive growth stock mutual funds can be the highest risk as compared to money market funds which would be the lowest on the risk scale. Money market funds usually pay more interest than regular savings accounts, but as interest rates rise in the general market, money market returns also rise.
Usually the younger you are, the more you may want investments in stock funds, which may be able to give you a higher return in exchange for higher risk factor. This means that less money would go into bond funds and cash investments. As you get older, some of your nest egg should stay in stock funds to help hedge against inflation, but more of it should go into bond funds and cash investments. Again it is important to do some research and seek professional help to get a plan that suits your individual needs and goals. Get free bill reminder software. |
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