Pros and Cons of Traditional Savings Accounts | Quicken (2024)

†Discounts are calculated based on the annual price. The final price may differ from the monthly discounted price multiplied by 12 months. All offers are for the first year only when you order directly from Quicken by June 17, 2024. Offer good for new memberships only. Subscription billed annually. Offers listed above cannot be combined with any other offers. Offer does not apply to Quicken Starter. Upon the end of your membership term, the subscription will automatically renew at the then-current rates, unless you or we terminate this agreement.

Quicken is a registered trademark ofRocket Mortgage, LLC, used under license. iPhone, iPod, iPad Touch are trademarks of Apple Inc., registered in the U.S. and other countries. Android is a trademark of Google Inc. Dropbox, PayPal, Yelp, and other parties’ marks are trademarks of their respective companies. Terms, conditions, features, availability, pricing, fees, service andsupport options subject change without notice. Corporate Headquarters: 3760 Haven Avenue, Menlo Park, CA 94025

Monitoring alerts, data downloads, and feature updates are available through the end of your membership term. Online services require internet access. Third-party terms and additional fees may apply. Phone support, online features, and other services vary and are subject to change. 14,500+ participating financial institutions as of October 1, 2018.

Standard message and data rates may apply for sync, e-mail and text alerts. Visit https://www.quicken.com/go/apps for details. Quicken App is compatible with iPad, iPhone, iPod Touch, Android phones and tablets. Not all Quicken desktop features are available in the App. The App is a companion app and will work only with Quicken 2015 and above desktop products.

  1. Purchase entitles you to Quicken for the term of your membership (depending upon length of membership purchased), starting at purchase. Full payment is charged to your card immediately. At the end of the membership period, membership will automatically renew every year and you will be charged the then-current price (prices subject to change). You may cancel before renewal date. For full details, consult the Quicken Membership Agreement. You can manage your subscription at your My Account page.

If you are redeeming the free Quicken Starter product through the purchase of TurboTax, and you are currently in an active Quicken subscription and not within 6 months of your renewal date, you will have to return to this page within 6 months of renewal in order to redeem. Additionally, note that if you are currently subscribed to Quicken Deluxe, Quicken Premier or Quicken Home & Business, by redeeming the free Quicken Starter product, you will lose some of the features that are associated with your current higher-tiered product.

Quicken for Windows imports data from Quicken for Windows 2010 or newer, Microsoft Money 2008 and 2009 (for Deluxe and higher). Quicken for Mac imports data from Quicken for Windows 2010 or newer, Quicken for Mac 2015 or newer, Quicken for Mac 2007, Quicken Essentials for Mac, Banktivity.

30-day money back guarantee: If you’re not satisfied, return this product to Quicken within 30 days of purchase with your dated receipt for a full refund of the purchase price less shipping and handling fees. See https://www.quicken.com/30dayguarantee for full details and instructions.

Quicken for Mac software and the Quicken App are not designed to function outside the U.S.

The VantageScore provided under the offer described here uses a proprietary credit scoring model designed by VantageScore Solutions, LLC. There are numerous other credit scores and models in the marketplace, including different VantageScores. Please keep in mind third parties may use a different credit score when evaluating your creditworthiness. Also, third parties will take into consideration items other than your credit score or information found in your credit file, such as your income.

VantageScore®, Equifax®, Experian® and TransUnion® are registered trademarks of their respective owners.

All 2018 and newer versions of Quicken entitle users to 5GB of free Dropbox storage while subscription is in effect.

EQUIFAX is a registered trademark of Equifax Inc. The other Equifax marks used herein are trademarks of Equifax Inc. Other product and company names mentioned herein are property of their respective owners.

Portfolio tracking included with Quicken Premier and Quicken Home & Business on Windows.

Payment links are only available for Quicken Home & Business.

Certain features not supported on mobile apps.

Illustrations © Adam Simpson. All rights reserved.

© 2024 Quicken Inc. All rights reserved. Quicken is a registered trademark of Intuit Inc., used under license.

Pros and Cons of Traditional Savings Accounts | Quicken (2024)

FAQs

Pros and Cons of Traditional Savings Accounts | Quicken? ›

Savings account benefits include safety for your savings, interest earnings and easy access to your money. However, savings accounts may have drawbacks, such as variable interest rates, minimum balance requirements and fees.

What are the pros and cons of a traditional savings account? ›

Savings Account: Pros & Cons
ProsCons
High interest earnings will grow your money exponentially over time.Limited to certain types and amounts of withdrawals and transfers.
You can withdraw at any time during your bank's business hours.May require a minimum balance to avoid paying fees.
2 more rows

What are the pros and cons of a basic savings account? ›

Advantages and Disadvantages of Savings Account
  • Advantages.
  • Earn Interest. A savings account helps you earn interest on the deposited amount. ...
  • Safest Investment Option. ...
  • Minimum Investment Amount. ...
  • Disadvantages.
  • Interest Rates Can Change. ...
  • Easy Access. ...
  • Minimum Balance Requirement.

What are the pros and cons of saving money? ›

Savings account benefits include safety for your savings, interest earnings and easy access to your money. However, savings accounts may have drawbacks, such as variable interest rates, minimum balance requirements and fees.

What is advantage of traditional saving? ›

There are several benefits to having a traditional savings account—fewer fees, lower minimum balance requirements, and interest on your savings, to name a few.

What are 3 cons to using a savings account? ›

Cons
  • Interest rates are low compared to other types of savings accounts.
  • Some savings accounts have terms and conditions associated with interest rates. Failure to meet these terms could see the interest rate offered on the account reduced, or fees charged. Example conditions include: Minimum balance.
Jul 5, 2023

What are the pro and cons of traditional banking? ›

In conclusion, traditional banking offers a range of advantages such as personalized customer service, physical branches, and a sense of security and trust. However, it also has its drawbacks, including potential fees, limited accessibility, and lengthy processes.

What are the pros and cons of online savings accounts? ›

Despite the rising virtual presence of traditional banks, online-only competitors still offer some clear advantages for consumers.
  • Better Rates, Lower Fees.
  • Better Online Experiences.
  • No Personal Relationships.
  • Less Flexibility With Transactions.
  • The Absence of Their Own ATMs.
  • More Limited Services.

What are the cons of basic bank account? ›

What are the disadvantages of a basic bank account? Basic bank accounts are stripped-back current accounts, so you're unlikely to get the same range of features you would with a standard current account. For example, you may not get: a cheque book.

What are some pros and cons of a checking account? ›

The primary benefit of checking accounts is the ability to store money you intend on spending, either through debit card transactions, checks, or cash withdrawals. However, the downside is they typically don't pay interest.

What are the disadvantages of a regular savings account? ›

Among the disadvantages of savings accounts:
  • Interest rates are variable, not fixed.
  • Inflation might erode the value of your savings.
  • Some financial institutions require a minimum balance to earn the highest interest rate.
  • Some accounts might charge fees.
Jun 27, 2023

What are the pros and cons of saving vs investing? ›

The biggest difference between saving and investing is the level of risk taken. Saving typically results in you earning a lower return but with virtually no risk. In contrast, investing allows you the opportunity to earn a higher return, but you take on the risk of loss in order to do so.

What are the disadvantages of traditional ways of saving money? ›

Cons: Low Yield

They are one of the least rewarding ways to save money, earning interest rates between 1 percent and 2 percent per year.

What is a traditional savings account good for? ›

It allows individuals to set aside money for future needs. These may include emergencies, short-term goals or long-term aspirations like a down payment on a house or retirement fund. Savings accounts offer several key features and benefits that make them a preferred choice for many.

What are the advantages of traditional means? ›

Some of the benefits of traditional means of communication are that they are realistic and based on the daily lives of ordinary people; they can communicate attitudes, beliefs, values and feelings in powerful ways; they do not require understanding that comes with modern education in the majority of instances; they can ...

What is the major disadvantages of having a regular savings account? ›

Disadvantages of Savings Accounts

Interest rates are variable, not fixed. Inflation might erode the value of your savings. Some financial institutions require a minimum balance to earn the highest interest rate. Some accounts might charge fees.

Top Articles
Latest Posts
Article information

Author: Ouida Strosin DO

Last Updated:

Views: 6107

Rating: 4.6 / 5 (56 voted)

Reviews: 87% of readers found this page helpful

Author information

Name: Ouida Strosin DO

Birthday: 1995-04-27

Address: Suite 927 930 Kilback Radial, Candidaville, TN 87795

Phone: +8561498978366

Job: Legacy Manufacturing Specialist

Hobby: Singing, Mountain biking, Water sports, Water sports, Taxidermy, Polo, Pet

Introduction: My name is Ouida Strosin DO, I am a precious, combative, spotless, modern, spotless, beautiful, precious person who loves writing and wants to share my knowledge and understanding with you.