Opening up a savings account can be a great idea for some consumers but it may not be the right choice for all consumers. This articles examines what a savings account is and for whom it might be advantageous to have one.
For those new to banking, a savings account is not the same as a checking account. They share some similarities, but at the core they are different.
In general terms, a savings account is a type of account that you can open at a bank or credit union. With this type of account, you deposit money into the account and leave it there in order for it to earn interest. You can, of course, take the money out of the account, but that defeats the purpose.
A savings account is a great way for some people to save money and to earn some interest off of that money. It is especially useful for those individuals who have limited amounts of cash to put away. Young people, especially younger married couples, often find that opening a savings account is the best way for them to save money. The reason for this is simple. Unlike some other types of investments which demand a certain amount of money be deposited or maintained at all times, a simple savings...
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