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10 IMS Tax Preparation Guide Watch what you want when you want VC-481 Video Cassette Recorder with 107 Channel liining/14-day Timer I • £-weeK/£ program Timer • Electronic Tuner m M • • 5-fuoction wired Remote Control (High Speed Pic- • m • Still, Frame Advance. 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Your savings account brought money in; your check­ ing account paid it out. Now, you can write checks on accounts that offer the earning power of many savings and in­ vestment plans. With the variety of checking ac­ counts that pay interest, choosing the best plan for your situation may be dif­ ficult. How much interest you'll earn and how much the account will cost varies from plan to plan and from bank to bank. However, all interest-earning check­ ing accounts usually are versions of three basic categories, according to a report prepared by the Bank of America. . • NOW Accounts: These savings ac­ counts serve as checking accounts when you use a negotiable order of withdrawal (NOW). These forms look like and are used the same way as per­ sonal checks. You may write as many checks as you wish. Funds earn in­ terest at rates similar to passbook sav­ ings accounts. • Money Market Deposit Accounts: These accounts usually pay the highest rates of interest. Like Super NOW Ac­ counts, these accounts must have a minimum balance of no less than $2,500 to receive the higher interest rates. Below the minimum, you either may • Super NOW Accounts: These ac­ counts generally pay higher interest rates than NOW accounts because they require a minimum balance. By law, that minimum can't be less than $2,500. If the account balance falls below the minimum, you either may earn the same interest as a NOW account or you may not receive any interest at all. There is no limit on the number of checks you may write. Katddag Be sure to report all your income to IRS. It receives copies of state­ ments from your employer, banks, and similar institutions to verify the income you report mm A P U B L I C S E R V I C E M K S S A G F . F R O M T H E I N T E R N A L R E V E N I K S E R V I C E r* » v w .w.' •snausev* «aMn*w«eii receive no interest or you may earn in­ terest at the NOW-Account rate. Unlike the other accounts, the money market deposit accounts limit the number of checks you may write. You may, however, make as many withdrawals as you wish in person or at automated teller machines. x The amount of money you earn with any of these accounts is likely to be reduced by a service charge, per-check charges or both. However, some ac­ counts may not apply service charges to accounts that maintain a minimum balance. That balance may not be the same as the minimum balance re­ quired for higher interest rates. For ex­ ample, a Super NOW account requires v at least $2,500 to earn a higher interest rate, but may require $5,000 to avoid service charges. With some accounts, several minimum balances and interest rates may apply. Super NOW and money market deposit accounts may pay several rates at any given time depen­ ding on how much money is in the ac­ count. Balances below $2,500 and $9,999, 7 percent, and balances of $10,000 or more, 8 percent. Interest rates for NOW accounts are fixed, but rates on Super NOW and money market accounts are set by each financial institution and can change as often as daily. Also because financial institutions are free to call their interest checking plans by whatever names they wish, you can't depend on the generic names to help you find the account you want. So, when looking for an account, shop \arefully and ask questions. What is the interest rate? What are minimum balance requirements? If an account balance is above the minimum balance, does the higher interest rate apply to the entire account balance or only the portion of the balance above the minimum? If the account balance falls below the minimum, will it earn interest at a lower rate or will it not earn interest at all? ,\f \ What are service charges for the ac­ count? Are additional services, such as overdraft protection, included with the account? To find the best plan for you, estimate the number of checks you will write each month and figure out what the financial institution will charge you in per-check or service charges. Sub­ tract that figure from your estimated interest earnings. Estimate you earn­ ings by applying interest rates to you estimated average monthly balance. For example, your account requires a $5,000 balance to avoid a $5 service charge. At an annual 7-percent rate of interest, your $3,000 average monthly balance would earn about $17 interest per month. When the service charge is subtracted, your net gain would be about $12 per month.