high interest savings account

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high interest savings account by Mind Map: high interest savings account

1. a brief explanation

1.1. A high interest savings account is just like any other savings but offers a higher interest on your money. Usually it offers a part to a whole percent more.

2. product requirments

2.1. H.I.S.A most of the time have a minimum first deposit and has a minimum balance but you can get back up to 250000 dollars if the bank fails.

3. three reasons it is a good idea

3.1. 1 Is it has a higher interest rate so you will get more free money.

3.2. 2 another reason is because if you have the money and do not need it right then you can just let it grow.

3.3. 3 last reason is because you have the potential to earn 23 times the amount you put in that is like if you put in 1000 you can earn23000

4. Three reasons it might not be a good idea

4.1. 1 reason is if you need to get your money then you will have a fee. unless you withdraw when permitted.

4.1.1. 2 reason is you have a minimum balance

4.1.2. 3 reason is you have a maximum you can put in.

5. who uses it

5.1. most of the time people you have a lot of money so they don't need to get it and use it whenever. or people who need to grow money.