Bank Checking & Savings Accounts
A transaction account, checking account, or demand deposit account is a deposit account held at a bank or other financial institution which is available to the account owner “on demand” and is available for frequent and immediate access by the account owner or to others as the account owner may direct. Access may be in a variety of ways, such as cash withdrawals, use of cheques and debit by electronic transfer. In economic terms, the funds held in a transaction account are regarded as liquid funds.
Transaction accounts are generally used for the business or personal convenience of the account holder. They normally do not earn any or a high interest and the financial institution that maintains the account commonly charges account maintenance or transaction fees to the account holder.
Saving accounts (UK: savings accounts) are accounts maintained by retail financial institutions that pay interestbut cannot be used directly as money in the narrow sense of a medium of exchange (for example, by writing acheque). These accounts let customers set aside a portion of their liquid assets while earning a monetary return. For the bank, money in a savings account may not be callable immediately and, in some jurisdictions, does not incur a reserve requirement. Cash in the bank’s vaults may thus be used, for example, to fund interest-payingloans.
The other major types of deposit account are the transactional account (usually known as a “checking” (US) or “current” (UK) account), money market account and time deposit.
Solon
Solon (soh-lin) is a city in Cuyahoga County, Ohio, United States, and is a suburb of Cleveland. It is part of Northeast Ohio‘s combined Cleveland-Akron-Canton metropolitan area, the 15th-largest Combined Statistical Area in the country. According to the United States Census Bureau, in 2012, the city population was estimated at 23,160.[6]
The city has been recognized by Money in its list of “Best Places to Live” multiple times, placing 23rd in 2009,[7] 3rd in 2011,[8]and 10th in 2015.[9][10] The city has been rated as one of the safest in Ohio,[11][12] has a highly rated public school system,[13]and was ranked as one of the “best places to raise kids” by Bloomberg Businessweek.[14]
Solon has a strong economy and in 2013 and 2014 was granted a Google eCity award, recognizing it as the city with the strongest online business community in Ohio.[15]