1
vote
2answers
136 views

Do I need to pay tax on the amount of savings I have in the bank?

Do I need to pay tax for the amount which I have in the bank? If so, what's the tax percentage for a savings account and a current account?
1
vote
4answers
1k views

What's the purpose of having separate checking and savings accounts?

It's a simple question, but I'm having trouble finding an answer: What's the purpose of having separate checking and savings accounts? What benefits does it provide?
5
votes
1answer
434 views

Why does my checking/savings account offer a higher interest rate than a standalone savings account?

I have a bank account with checking and savings bundled together; if I make enough purchases with my debit card, I earn a higher interest rate on the savings. Today I decided to look at other types of ...
3
votes
1answer
343 views

Are there any alternatives to ING's Electric Orange that have similar features?

I currently utilize ING Direct for savings and checking via Electric Orange and Orange savings accounts. However, two features of their bank have stopped me from truly utilizing their services to the ...
6
votes
2answers
1k views

Common practice to closing a checking and savings account?

Is there a common practice to closing a checking & savings account? For example, should I transfer all the funds electronically to my other bank then call and close it or is it better to get a ...
2
votes
2answers
5k views

What's the difference between a Chequing account and a Savings account?

Because I know you can draw cheques from a savings account, so what gives?