Savings Account Limits

Saving accounts are good place to place your money. You can put money in them and get interest from it, depending on the saving account’s interest rate.

I faced a problem with my savings account. I had no idea and transferred money from my account to my brother’s account more than five times. I received a notice that if I will transfer money from savings account now, my account will be closed and I was charged a fee.  I came to realize then that I can transfer only three times in a month.

That was a big eye-opener for me, from then I do not transfer money from my saving account. If I have to then I transfer from checking account or I pay by check.  Mostly the banks do not give you the information you want, they try to hide information by printing in small letters.  They charge you taxes, fees which you are not even aware of and they do not tell you when you open an account with them.

I would suggest anyone opening a saving account or checking account with any bank to read all the instructions carefully and try to take good care of your money.  I do believe that opening an account is very necessary and useful, but just be a little cautious.