good day this is your 30-second $ asset development $ training enjoy click here to begin
TRANSCRIPT
Good DayGood DayThis is your 30-Second $ Asset Development
$ Training
ENJOYENJOY Click here to begin
What is a Savings Account?
A bank account that accumulates interest.
A hole in your mattress where you stash your cash.
An account you regularly deposit &withdraw money from to pay bills.
A coffee can in the ground where you putall of your money.
A hole in the mattress is a step inthe right direction because it meansthat you are saving, but you shoulddeposit your money in an account at abank or credit union where it can earnmoney for you.
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Close, but not quite…
While you are able to withdraw money from asavings account to purchase items and coverexpenses, it is better to use a checking
accountfor regular transactions such as paying bills andcovering day to day expenses.
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A coffee can in theground doesn’t helpyou earn interest and worse yet, themoney could be stolen if anyone sees youhide it in the ground!
CORRECT!!! A savings account is when you keep your money in a bank or credit union
and earn interest. Interest is the money the bank pays you for keeping your money there. A savings account is a safe, convenient and affordable way to save your money. The federal government also insures your money. No matter what, you can't lose your money when it's in the bank. A general rule about a savings account is Time = Money. The longer you can leave the money in, the more interest it will earn. To learn more about savings accounts, visit:
http://www.practicalmoneyskills.com/personalfinance/savingspending/saving/howitworks.php
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