What is Employment Law? Employment law governs the rights and duties between employers and workers. Also referred to as labor law, these rules are primarily designed to keep workers safe and make sure they are treated fairly, although laws are in place to protect employers interests as well. Employment laws are based on federal and state constitutions, legislation, administrative rules, and court opinions.
Savings accounts always accrue interest. The interest rate depends on the bank, the type of savings account (e.g., see Money Market vs Savings Account), and the amount deposited, but is always higher than the interest rate on checking accounts.As of August 2014, the highest interest rate on savings accounts (in the United States) is about 0.6%. savings account, as the name suggests, is used to save money for a longer period of time. The idea is to let that money accrue and not use it unless there is an emergency or until it is time to pay for college tuition or purchase a significant item, like a house or car.
Distinguish between the two main types of savings accounts. There are two basic types of savings accounts: passbook savings and statement accounts. Passbook accounts give you a bank book, where all deposit transactions are recorded. You can add and withdraw money only at the bank during regular business hours. With the prevalence of ATMs and electronic banking, some banks no longer offer this type of account.