Savings Accounts

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What is a savings account?

When you want to make sure you have money for the future, a savings account is what you need.  Savings accounts tend to work just like checking accounts with two exceptions:

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  • Savings accounts most often pay you interest to help your savings grow

  • Savings accounts are for a rainy day, which means you should only touch this money for emergencies or if you were planning for a very specific purchase that you have predetermined in your budget.

  • When considering a savings account, you will also want to consider fees, the amount of interest the bank will pay you, and if there are any penalties for withdrawing funds.  Your potential banking provider wants you as a customer, so they will make time to answer all of your questions! Remember, you can also arrange for direct deposits to hit both your checking account and savings account on pay day!

For 7 quick tips on growing your savings account, check out the video below:

 

For more information on savings accounts, and the different types of savings options to choose from, click on the following link: What is a Savings Account? Also, check out our sections on banking and checking accounts for more information!