What is a personal savings account?

Answer A personal savings account is an account opened by an individual at a bank or a savings and loan institution, which allows the account holder to deposit funds that generally accrue interest. Accoun... Read More »

Top Q&A For: What is a personal savings account

Is a savings account balance considered personal property?

A savings account is considered personal property. Personal property is defined as private property that is movable. In common law systems personal property is referred to as "chattels" or "persona... Read More »

What is the average interest rate for a personal savings account?

Savings accounts are one of the most common types of bank accounts. They are also often the lowest-paying interest-bearing accounts offered. However, they are fully insured by the FDIC, and typical... Read More »

Is there a difference between the APY on a savings account& a high-yield money market account?

No, the formula for annual percentage yield (APY) is one plus the periodic interest rate. Then raise the sum to the power of the number of periods of investment. Finally, subtract one. The formula ... Read More »

What is the difference between a health savings account&a flexible spending account?

Health savings accounts (HSAs) and flexible spending accounts (FSAs) are ways to put money aside for future heath care costs. Both provide tax advantages, but the qualifications and functions of th... Read More »