People establish savings accounts for various reasons, and short or long term goals could be involved. Some even aspire to create more than one account. The right account for you will depend largely on your purposes as well as the amount of money you intend to save and several other factors. Though the purpose of this type of account is to see your money to build up, needing to rely on these savings on occasion is fairly common; therefore, you need to choose an account designed to make allowances for this.
Ramsey National Bank caters to needs like these with an array of savings account options. For the younger population just learning the finer points of growing their extra income, the Watch it Grow savings account could be the answer. Since those under the age of 18 typically see lower earnings than adults, their balances tend to be quite a bit lower. That makes maintaining a specific balance challenging, so this account doesn’t hold its owner to a pre-set minimum balance.
The Saving Account Rates in Rugby ND for the Watch it Grow alternative are .15 percent, just as they are for its counterpart geared toward adult savers. These rates accrue daily and are compounded quarterly. The same is true of the Regular Savings account offered by Ramsey with the difference being the required minimum balance, which is $100.
For those able to save more than the average family, the Money Market savings account is available. This account bears a required minimum balance of $1,000, but its Saving Account Rates in Rugby ND are based on the available balance. While these rates begin at the traditional .15 percent tier, they could rise as high as .30 percent once the balance reaches $50,000 and beyond.
Whether you wish to introduce your child to saving money responsibly or you’re setting aside a considerable sum to supplement your retirement, the account you choose and its specific parameters could make all the difference. Then, speak with a representative to get your savings underway and watch them grow.
