Spark Savings Account | Metrobank (2024)

FAQs

What is spark savings account? ›

The Spark Savings Account is created for young Filipinos–7 to 21 years of age–who want to start saving early. This comes with a savings account and a debit card. No initial deposit required. *PHP 500 required maintaining balance starts on the 12th month from the time of account opening.

With a minimum maintaining and daily balance of only PhP5,000, you can open up an account and start earning interests on your deposits. To monitor your account efficiently, we have allotted a section on the passbook where you can write details of your transactions.

One of the quickest ways to withdraw money from a savings account is at an ATM. Depending on your bank, you can use your physical debit card or mobile wallet to access the funds in your account. Keep in mind there may be fees to take out money from a savings account at an out-of-network ATM.

Your eligible deposits with Metro Bank are protected by the FSCS.

A child can generally have a savings account at any age. The best savings accounts for kids earn interest and have no monthly fees. A parent or guardian will likely need to open the account.

Equitas Small Finance Banks

Equitas SFB offers 3.50% on balances up to Rs 1 lakh, 5.25% on balances above Rs 1 lakh to 5 lakhs. For above Rs 5 lakh, the bank is offering 7%. These rates are effective from December 14, 2022.As per the website, “Interest will be calculated on the daily closing balance of the account.

DCB bank is now providing savings accounts with the highest interest rate of 8%, and FDs with the highest interest rate, 8%, for regular customers and 8.50% for senior citizens. DCB Bank has revised savings accounts and fixed deposit interest rates for deposits below Rs 2 crore.

Where can I get 5% interest on my money? ›

UnionBank Personal Savings Account

This no-minimum-balance checking account may be opened in person at any UnionBank location, or via the bank's mobile app. You can manage your finances and make purchases whenever you choose, all via the same convenient app. It also has lesser transfer fees.

Accounts that have a minimum opening deposit often require an amount between $25 and $100. You can usually fund the account with cash or a check, if you're opening the account in person. To deposit money electronically, you can often make a mobile check deposit or transfer funds from a linked account.

Yes, you can open a bank account completely online, without ever going into a bank branch. With a completely online bank or account, you can also do all your account management online.

For example, if you have $5,000 in an account that has a 3% interest rate, the balance will earn $150 in one year.

With that, you could expect your $10,000 investment to grow to $34,000 in 20 years.

Answer and Explanation: The future value of $1,000 in 10 years will be $3,105.85.

Any money you have earmarked for emergencies, or for near-term goals, like buying a car or home, should be kept in a savings account. But if you have money you're trying to save for long-term goals, like retirement, then investing it could really be a far more lucrative choice.

Some banks and credit unions allow customers to set up direct debit to pay bills, such as a utility company or credit card issuer, from a savings account. You'll need to supply account information, including account and routing numbers, and once authorized, the billing company can withdraw funds directly from savings.

No matter what your financial goals are or how much money you're able to set aside, opening a savings account is a good idea. You won't need a large pile of money to open an account at many banks, and a high-yield savings account at a federally insured institution is a great place to earn some interest on your funds.

Where can I put my money instead of a savings account? ›

Certificates of Deposit

The rate is usually better than you can get with a savings account, and CDs are FDIC-insured for safety. The downside is that you must commit to leaving your money in the CD until it matures in from 28 days to 10 years, and will pay a penalty if you withdraw it earlier.

So—what to do about that? If you find yourself in this situation, consider the “Rule of Three:” When you have an unexpected windfall, put 1/3 of the windfall towards paying down debt, 1/3 towards long-term saving and investing, and the remaining 1/3 towards something rewarding or fun.

Three disadvantages of savings accounts are minimum balance requirements, lower interest rates than other accounts/investments, and federal limits on saving withdrawal.

U.S. Treasury securities, money market mutual funds and high-yield savings accounts are considered by most experts to be the safest types of investments available.

Custodial accounts

If you're looking for the most flexible and tax-efficient investment account for a baby, one of your best options is going to be to set up a UGMA custodial account . A UGMA custodial account is an investment account that enables an adult to hold assets on behalf of a child until they come of age.

A child trust fund or a bare trust is a good option if you want to put money towards your grandchild's future without having to forgo any control. When you set up a child trust fund, you name the grandchild in question and also determine who manages that trust. It does not have to be you, but you may want it to be.

The $2K rule says families should aim to save $2,000 for each year of their child's life, so by age 18, you should have saved $36,000.

Which bank gives highest savings interest? ›

At a 7.00% fixed interest rate, a 30-year $100,000 mortgage may cost you around $665 per month, while a 15-year mortgage has a monthly payment of around $899.

Do no withdraw cash. Despite the recent uncertainty, experts don't recommend withdrawing cash from your account. Keeping your money in financial institutions rather than in your home is safer, especially when the amount is insured. "It's not a time to pull your money out of the bank," Silver said.

Can you get 6% on a CD? Savers who don't mind locking up their funds for a specified amount of time can earn 6% interest on a CD.

The bottom line

CDs are a safe investment that can net you a higher return than most savings and money market accounts. Since rates have increased over the past year, they're more appealing to some savers.

5% = 0.05 . Then multiply the original amount by the interest rate. $1,000 * 0.05 = $50 . That's it.

In general, people considered having only $878 available either in cash or a bank account to mean they were bankrupt. Although it might not seem like much, it represents 71.3% of the national average rent.

What bank has no monthly fees? ›

The federal government has no business monitoring small cash deposits and how Americans pay their bills and has no right to snoop around in private checking accounts without a warrant.

How much do you currently have in your savings account? For nearly a third of average Americans, this number is $100 or less. GOBankingRates recently surveyed 1,000 Americans ages 18 and older to learn more about their banking practices and found that 32.9% have no more than $100 in their savings account.

The average and median balances vary depending on age, with older generations having more savings. Individuals under 35 had an average savings of $11,250 and a median balance of $3,240. Those 55 and older had average and median balances of up to $60,410 and $9,300, respectively.

Spark is a fintech company built with the purpose of facilitating investments into off-grid renewable energy project in Sub-Saharan Africa through an online banking platform. Website https://www.sparkbanking.com. External link for Spark Banking.

A savings account is a basic type of financial product that allows you to deposit your money and typically earn a modest amount of interest. These accounts are federally insured up to $250,000 per account owner and offer a safe place to put your money while earning interest.

A savings account is a deposit account designed to hold money you don't plan to spend immediately. This is different from a checking account, a transactional account meant for everyday spending, allowing you to write checks or make purchases and ATM withdrawals using a debit card.

How long does Spark take to pay you? ›

Payments from Spark Driver are sent to Branch Wallets weekly on Tuesdays. This includes the payments from the previous pay period, which is Monday—Sunday of the prior week.

Earnings are deposited into your bank account Friday of each week. Track it in the “Earnings” tab in your app. How much will I earn per trip or per hour? Drivers are paid per delivery.

Apache Spark is a data processing framework that can quickly perform processing tasks on very large data sets, and can also distribute data processing tasks across multiple computers, either on its own or in tandem with other distributed computing tools.

Payments from Spark Driver are sent to Branch Wallets weekly on Tuesdays. This includes the payments from the previous pay period, which is Monday—Sunday of the prior week.

The farther away the delivery destinations, the more earnings you will receive. Larger orders mean larger earnings. Earn more when you deliver order with more items. Get extra earnings for orders that need a little extra help from you, such as apartment deliveries or heavy items.

Getting paid on Spark: The Branch Wallet and One Wallet

Spark drivers are paid each Tuesday through the Branch Wallet, a free digital wallet and debit card that you set up during the onboarding process. You can spend your Spark funds with the Branch debit card, or you can transfer your money to another account.

For savings, aim to keep three to six months' worth of expenses in a high-yield savings account, but note that any amount can be beneficial in a financial emergency. For checking, an ideal amount is generally one to two months' worth of living expenses plus a 30% buffer.

In savings accounts, interest can be compounded, either daily, monthly, or quarterly, and you earn interest on the interest earned up to that point. The more frequently interest is added to your balance, the faster your savings will grow.

When you put money in a savings account, the bank is technically borrowing the money and paying you interest in return.

Unless your bank has set a withdrawal limit of its own, you are free to take as much out of your bank account as you would like. It is, after all, your money. Here's the catch: If you withdraw $10,000 or more, it will trigger federal reporting requirements.

Is it smart to keep money in a savings account? ›

Any money you have earmarked for emergencies, or for near-term goals, like buying a car or home, should be kept in a savings account. But if you have money you're trying to save for long-term goals, like retirement, then investing it could really be a far more lucrative choice.

Should you keep money in savings or cash? You should have enough cash to cover a few days' expenses and savings to cover three to nine months or more of expenses and emergencies. Any more than that is sitting in your savings account, losing purchasing power due to inflation.