InvestorSavings.com Tuesday, September 26, 2017
Savings Accounts Guide, Banking & Interest Rate Resource.





Interest Bearing Savings Accounts, NOW & Super NOW

- A savings or checking account that pays the account holder an amount of interest for the funds on deposit.

There are two major types of interest bearing accounts and these include:
  • NOW accounts at banks and savings and loans, which stands for 'negotiable orders of withdrawal'. Those at credit unions are monikered share draft accounts. NOW accounts offer the advantage of checking writing on accounts that bear interest, and, interest rates and fees are set by the financial institution.

  • Super NOW is a hybrid of the NOW account and money market deposit accounts, having no interest limit and with checking writing and withdrawal abilities. Super NOW's pay variable rates of interest (without ceilings) and they normally have higher minimum balance requirements and fees incurred when minimum balances are not maintained by the customer. Note: Interest rate ceilings were eliminated as a result of government deregulation in the 1980's.

Savings Account Funds and Balances
 
  • Beginning Account Balance
  • Ending Balance of Account
  • Available Balance
  • Available Funds
  • Average Daily Balance
  • Anticipated Balance
  • Average Daily Float
  • Collected Balance
  • Average Collected Balance
  • Uncollected Funds
  • Reg CC/Expedited Funds Act
  • Check 21/Savings Transfers
  • Online Bills & Savings







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