How To Open A Fixed Term Savings Accounts
If you want to earn interest from the money you can save, then learning how to open a fixed term savings account is a must! The fixed term savings account can be any fixed month CD or a high yield CD. The interest rate is always fixed, and a minimum opening deposit will be required. Depending on the terms and conditions of your account, you might or might not be able to withdraw interest monthly without penalty. Anyway, I am going to show you the steps on opening a fixed term savings account. You are going to be rich very soon!
To open a fixed term savings accounts, you will need:
- A bank or a preferred financial institution
- An account application
- Your driver license
- Your Social Security Card
- The amount of money you want to save as your minimum opening deposit (can be cash or personal check)
- Select the type of fixed term savings account and the financial institution. If you are banking with someone currently, ask your banker the offers they have available on the fixed term savings accounts. You should shop around to see what all other financial institutions have to offer. Pay very close attention to the terms and conditions as they may vary depending on where you open the account at.
- Visit the financial institution where your account will be opened. At this point, you will ask for an account application. Prior to filling out the application, the banker will go over all the details with you regarding to the selection of the account. If you have any questions or concerns, you are welcome to ask or address them immediately.
- Fill out the account application and confirm the required opening deposit amount. Once you are done with any questions for the banker, you can then begin to fill out your application. You will need your drivers license and social security card information in order to complete the application. Once you are finished, sign and date the application. Afterwards, submit the completed application and the opening deposit to your banker. Note that if you use a personal check, put the bank name as the payee. Do not forget to sign your check!
Now, you are all set! All you have to do is to wait for the interest on your fixed term savings account to grow! Opening a fixed term savings account is a piece of cake as long as you follow my instructions!