In the Virgin Islands, consumers with more modest wages review opportunities to save more. For most consumers, they aren’t sure which products present the greatest return on their investment. A local financial advisor explains several accounts that help the consumers save more.
Interest Checking Accounts
An interest checking account is available through online banks. The product helps consumers earn interest on the balance of their checking account. Select banks don’t require the consumer to have a minimum balance and don’t charge a monthly fee for the account. The interest is applied to the account each month. A financial consultant directs consumers to the most beneficial interest checking accounts.
Online Savings Accounts
When choosing a savings account, consumers open accounts that offer a higher return on their investment. Online savings accounts provide around 1.55% interest each month based on the total balance of the account. The online savings accounts don’t face higher costs associated with opening local branches. All their business is conducted online. For this reason, consumers receive higher rates and start the account with a lower balance.
Money Market Accounts
The money market accounts are saving options that generate high interest as well. The interest is compounded according to the specifications of the contract. Typically, it is compounded each month or quarterly. The accounts impose limits on how often consumers can transfer funds out of the account. However, the consumer has the right to close the account and cash it out at any time.
Certificate of Deposit
Certificate of deposit accounts generate the highest interest rates among savings accounts. The bank requires the consumer to deposit a predetermined amount into the account. The funds remain in the account according to the terms of the account. The consumer maximizes their return by leaving the funds in the account for the full duration.
In the Virgin Islands, online banks provide a variety of products that help consumers save for their future goals. Among the accounts are interest checking accounts, online savings accounts, money market accounts, and CDs. A financial advisor helps the consumers review the pros and cons of each selection. Consumers who want to learn more about their options contact David Johnson Cane Bay right now.