Savings accounts are excellent places in which to stash those emergency funds you may need at some point for a rainy day. Most banks will allow you to start a savings account with a deposit as low as $25. One of the best things about a savings account is that if you’re ever in need of immediate cash, but you don’t want to touch your savings, your bank may be willing to offer you a pass loan.
Pass Loans
Pass loans, which are sometimes called passbook loans, are loans that use your passbook savings as collateral. Regulations vary from financial institution to financial institution about the actual amount the bank will advance you: Some banks will only loan you 50 percents of your passbook balance while others will loan you the entire balance of your savings account. In most instances, you won’t be able to withdraw your own funds …