Conclusion fo types of bank account
Answers
Different types of bank accounts serve different needs. Depending on your goals, it’s wise to put money into the best account and use the right tools for spending and saving. Doing so allows you to maximize the return from your bank, minimize fees, and manage your money conveniently.
Most banks and credit unions offer the following types of accounts, which we’ll cover in detail below:
Savings accounts
Checking accounts, including interest checking
Money market accounts
Certificates of deposit (CDs)
Retirement accounts
Answer:
Conclusion
Explanation:
A bank account is not only about saving money, it's also about managing money. Opening an account is a smart move - it means that you can access a service that helps you control your money, and which may help you borrow at some time in the future, if you need to do so.
But do remember that you are the customer - that means you have rights and if you're not happy, you can complain, and you can move your account somewhere else.
Banks play very important roles in the economic development of nations as they, toa large extent, wield control over the supply of money in circulation and are the main stimuli of economic progress. Economic development is a dynamic and continuous process which is highly dependent upon the mobilisation of resources, investment, and the operational efficiency of the various segments of the economy. The performance of bank institution and other financial institution need to be evaluated because it defined as the reflection of the way in which the resources of a bank are used in a form which enables it to achieve its objectives. As the banking sector is considered a vital segment of a modern economy, its efficiency is vital importance. In order to ensure a healthy financial system and an efficient economy, banks and other financial institution must be carefully evaluated and analysed.While banks and other financial institution help business organisations by rendering a wide-range of products and services, the products and services are more or less identical from one bank to another, and there is little scope for differentiating between them. Therefore, it is necessary to measure the banks’ individual performance to determine their contribution to business development. In Malaysia, the banking sector includes various private and government banks and some private and government banks have their own branch networks throughout the country. As a consequence of economic reforms and mobilisation, different financial institutions have emerged in the market. This has not only created an increasingly dynamic and competitive banking environment, which calls for enhanced evaluation and analysis, but overall, has encouraged greater efficiency in banking services. Therefore, a strong banking sector including other financial institution is vital for growth, creating jobs,generating wealth, eradicating poverty, entrepreneurial activity and increasing Gross Domestic Product (GDP) growth.
FROM SYAM