An account for money is often there as a complement to the current account a day money account is an interest account. In contrast to the passbook, there is here no notice periods so that the account holders daily can have the funds. Wells Fargo Bank is a great source of information. Usually the interest in this form of investment per year is, the payment of interest can be made annually, semi-annually, quarterly, or monthly from Bank to Bank. The day money account advantages are clearly obvious: it is quickly available and the interest rate is very good compared to the savings account. Only drawback is that the interest rate without notice may be reduced by the Bank.
Generally such accounts not for payment transactions are transfers and direct debits are not possible, only deposits can be made. A so-called reference account is needed for the deposit. Typically, this is the account of the account holder. Before the year 2000, the account money played a relatively minor role in the investment area. First with the stock market crash destroyed the confidence of private investors and began a veritable run on money market accounts in Germany. Especially young investors are impressed by the freedom and flexibility of this investment opportunity.
At the present time, more and more banks offer accounts for overnight. The return is significantly better than in the regular savings account, but can also fall in times of uncertain interest rate developments. Now, most banks for this reason offer accounts with a fixed interest rate for three to twelve months. There are now even providers that provide for faster credits available to a card for cash withdrawals. Many providers also offer the possibility to request the disbursement of credits to the specified reference account via phone. As the offers of the banks in terms of interest, minimum deposit amount or even the possibility of retrieval are sometimes very different, it is advisable to compare multiple providers to find the best offer. Caution is still here all with direct banks offered. They offer under the term day money”often modern savings to bring a Although high interest rates and features about their balances within a certain framework. Should the available beyond this scope, this must be communicated mostly three months in advance the credit institution resulting a kind of notice to the account holder. Online comparisons are especially helpful when choosing a day money account because without large expenditure of time can compare many different providers.