What is a Savings Account?
A savings account is an account that financial institutions such as banks or credit unions offer people to help them save money over a period of time. Savings accounts usually include the following features: • They pay you interest on the money you save. • There is no set monthly fee. Instead, you pay a fee for every transaction you make. • They are a safe place to keep your money. The amount of interest you will earn on the money in your savings account will vary — depending on the financial institution, the type of savings account you have and the amount of money you keep in your account. • Some accounts do not require you to keep a minimum balance, and will pay you interest regardless of how much money you have in your account. Also, you earn interest on every dollar you save. • With some accounts, the interest rate may increase, once your savings go above a certain amount, for example, $1,000. • With some institutions, you must keep a minimum amount in your account — this is called
A savings account typically refers to an account in which one places money to earn a small amount of interest. Unlike a 401k or an IRA, the savings account funds are usually easily accessible, though some banks do charge for withdrawing money early. In most cases, people can withdraw money from a savings account at any time, at least at any time the bank is open, or one has access to the bank’s ATM. The term “bank” is used here loosely. Not only banks, but also credit unions, and money market funds companies can offer a savings account to customers. In addition to earning interest on your deposits, the savings account also provides a safe place to put your money, far better than stowing it in the mattress or the cookie jar. If the bank declares bankruptcy, is the target of embezzlement or mismanagement of funds, the Federal Deposit Insurance Corporation (FDIC) insures your account, up to 100,000 US dollars (USD). In fact, a requirement when shopping for a savings account is to look for
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