It can be difficult deciding how to invest your savings, as you need to choose somewhere that is secure but that also offers potential for growth, and savings accounts can be a useful option to consider, as they are relatively easy to open and manage, and offer high interest rates. Good savings accounts will also allow you to add and withdraw money whenever you want without any penalties, and if you already have a checking account with good credit history, then it is almost guaranteed you will be able to open a savings account with the same provider with very little hassle.

Online

Some of the best savings accounts on offer are only available online, so it is important that you do check the internet when searching through all of the savings accounts deals. Most Internet savings accounts can be opened online, so there is no need for you to go into a bank, and communication will be done by email and post. This will also mean you will have 24/7 access to your account details, as you will simply be able to log on to your account and view the latest interest rates and transactions, and you will also be able to link this up to other online accounts, so that you can set up automatic deposits to top up your savings every month. Remember that most of the best deals will be introductory offers, and will only be for a fixed term such as 6-12 months, before the account reverts to a lower rate.

Types of Savings Accounts

There are several different types of savings accounts to choose from including:

Easy access accounts – this is the most flexible type of savings accounts as it allows you to add and withdraw money whenever you want, as many times as you want, and interest rates will be variable and will go up and down according to the base rate.

Fixed rate bonds – these accounts are less flexible, but are a solid choice as they allow you to fix a rate of interest for a term of 6 months to 5 years, and this will protect you from any rates cuts. However it will also lock your money away from any rates increase, so be careful at what point of the rates cycle you invest your money in a fixed rate bond as you could lose out if the base rates rise.

Regular saver accounts – this type of account is great for short term savers, and the account rates are reset every 12 months. You will need to pay a minimum into the account each month though, but this is usually a fairly low amount which should be achievable for most savers.

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India’s largest in the private sector ICICI Bank reported a 9.6% decline in net revenue after tax at 741 million dollars for the financial year ended on March 31, against 820 million dollars for the last year.

The ICICI’s board of directors met last Saturday (25 April) to mull over the audited accounts for fiscal year 2008-09. The board suggested a dividend of Rs.11 each share. It is as same as last year. However, the bank gained a higher net interest income of $1,650 million for the financial year under review, increase 15% over 1,440 million got during the year before. Among the others 12% were up in operating income and 14% drop in costs because of rationalization of expenditure. On the other hand, its capital sufficiency ratio was strong at 15.5% as well.

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New York – Bank of America Corp. on Monday reported its third-quarter outcome former than intended, illuminating a 68% profit fall and strategy to increase capital by selling stock and halving its payment. Bank of America Corp. will boost their capital by selling $10 billion stock and halving its dividend.

Like most other major financial institutions today Bank of America has been hit by significant losses in mortgages, credit cards and other debt. Its CEO decided to get hold of Countrywide Financial Corp, La Salle Bank and Merrill Lynch over the past year, three deals that are driving the require for additional currency. “We’re making every good loan we can find … but it’s not going to be pretty for a while,” Lewis also said during a conference call with investors. Profit cut down to $1.18 billion, or 15 cents per share, for the July to September period from $3.7 billion, or 82 cents per share, in the similar period last year. That’s much lesser than analysts’ estimates of 62 cents per share, according to Thomson Financial. Bank of America shares dropped an extra 6% in after-hours trading. They closed down $2.26, or 6.6%, at $32.22. To raise capital, N.C. based Company says it plans to put up for sale $10 billion of ordinary stock and cut its periodical share to 32 cents from 64 cents.

Today for this critical time of American fiscal policy the current American currency value is declining at an offensive rate. As the dollar falls, the fortune of the American falls with it. But it may be hope the strong steps of American government will overcome this critical instant within a rapid time.

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The Chinese government has raised lending quotas for foreign banks operating and another decision made by the authority to support economic development amid slowing demand for exports in the country, according to state media on Friday.

As the decision, incorporated foreign banks are allowed to apply for higher lending quotas locally for this year, but the Shanghai Securities News reported, mentioned unnamed sources that the range of increase has not been finalized by the administration.

The report talked about that they were proposed to direct the additional loans towards small, medium-sized enterprises, agricultural sector as well as firms involved in reconstruction and restoration program in Sichuan province, which was damaged by a devastating earthquake in May 2008. The report did not present details about the sum of new loans policy, for the foreign banks were initially allowed to expand this year.

On the other hand, State media said earlier that Chinese central bank had increased national banks’ lending quotas for this year by 5% at the time when local commercial banks’ yearly quota for new loans was increased by 10%. The previous upper limit in new Yuan loans was usually understood to be no more than the 3.63 trillion Yuan or $739 billion lent in the year 2007.

According to the official figures, fourth biggest economy of the world increased 10.4 % in the first half and 10.1% in the second quarter of the year and down from the sizzling pace of 11.9% recorded for all of 2007.

Recent declarations from the top-level policy-makers have recommended a subtle shift in Chinese lending policy away from preventing financial overheating toward growth creation. Now wait and see how the new policy can contribute to developed Chinese economy.

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