Different types of bank accounts

How can you meet your financial needs with Joint Accounts and more.

14:22 20 October 2014

Joint accounts 

 

These are accounts bearing names of two or more individuals. They are convenient for shared engagements such as settling bills, mortgages, rent payments, shopping among others. Before opening a joint account, remember that trust is a key component in operating joint accounts. 

 

As you engage in a joint account, you must be comfortable with:

 

• Each individual having the capability to withdraw, write checks, use ATMs without seeking the approval of the other individual.
• Shared responsibility on any activities in the account such as debts and overdrafts, even in the case where only one individual was responsible.
• The financial situation of each individual affecting all your credit ratings. If an individual defaults on a joint debt, some Credit Reference Agencies create a financial link or some sort of an association to all the joint holders of the account. All your credit ratings are negatively affected.

 

Graduate accounts

 

Graduate accounts provide benefits essential in your transformation from a student to a young professional. These accounts are tailored to provide you time to enable you find your footing money-wise. Some benefits enjoyed with student accounts are carried forward to these accounts. In the same way, they offer additional features including savings and loans to make you cope with the professional lifestyle.

 

Accounts to meet religious needs

 

Some churches are quite strict on their religious laws, such as not earning interest on your savings account. Certain banks have taken advantage of this and crafted special accounts to comply with these religious laws. They therefore build customised accounts that conform to the needs of their customers.

 

You can always check with your bank to see what options they offer, and the benefits of each of these different accounts. Most banks offer a wide array of accounts and you are always bound to find something that suits your financial needs.