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SAVINGS BANKS

Savings Bank is a financial institution that gathers savings, paying interest or dividends to savers. It channels the savings of individuals who wish to consume less than their income to borrowers who wish to spend more. This function is served by the savings deposit departments of commercial banks, mutual savings banks or trustee savings banks (banks without capital stock whose earnings accrue solely to the savers), savings and loan associations, credit unions, postal savings systems, and municipal savings banks. Except for the commercial banks, these institutions do not accept demand deposits. Postal savings systems and many other European savings institutions enjoy a government guarantee; savings are invested mainly in government securities and other securities guaranteed by the government.

The first British saving bank was founded in 1810. As a Savings and Friendly Society by a pastor of a poor parish; it proved to be the forerunner of the trustee savings bank. The origin of savings banking in the United States was similar; the first banks were nonprofit institutions founded in the early 1800s for charitable purposes. With the rise of other institutions performing the same function, mutual savings banks remained concentrated in the northeastern United States. Savings banks frequently originated as part of philanthropic efforts to encourage saving among people of modest means. The earliest municipal savings banks developed out of the municipal pawnshops of Italy. Local savings banks were established in The Netherlands through the efforts of a philanthropic society that was founded in 1783, the first bank opening there in 1817. During the same time, private savings banks were developing in Germany, the first being founded in Hamburg in 1778. Saving is very important for life.

Banks offer a lot of services and features which saves your money as well as time. Some of them are given below:-
1. Cash back on Debit Transactions

If you are in an area where you can’t get to your bank’s ATM, the next best option is to buy something at a grocery store and request cash back. You will be limited to $20 or $40 (or more, depending on the place) and you have to buy something, but it’s better than paying the ATM fees and getting nothing for it.
2. Remote Check Deposit

Some banks offer remote check deposit, a feature where you can scan images of your checks or fax your checks to your bank. This saves you the time spent waiting in line for a teller or ATM and the gas your car needs to get you there. Not many banks offer this, but if you’re does, consider yourself lucky.

3. Free Checks

Every bank has a checking account package that offers free checks. The hack here is to deposit enough money to avoid minimum balance fees, convert your account type to that account, get your free checks, and then convert it. At Bank of America, that checking account is the Advantage® checking with a minimum of $5,000. Ask to convert your account, and then order your checks. Once they arrive, just convert it back – boom, free checks. You’ll want to do this quickly though because you’re giving up interest earned versus having it in an online savings account, especially since buying checks online isn’t all that expensive.