How to open Savings Bank Account
What is a savings account?👇👇 A savings account is a basic type of financial product that allows you to deposit your money and typically earn a modest amount of interest. You can find savings accounts at banks and credit unions. You don’t need a large amount of money to open a savings account, and you also have easy access to your money. Why you need a savings account A savings account is a good place to keep money for a later date, separate from everyday spending cash, because of their safety, reliability and liquidity. These accounts are a great place for your emergency fund or savings for shorter-term goals, like a vacation or home repair. Beyond quick access to your cash when you need it, savings accounts often offer higher interest rates than checking accounts. You might even find some savings accounts with a higher APY than money market accounts. The average APY on savings accounts is just 0.06 percent, but you can find high-yield savings accounts paying around 0.6 p...