What is a Savings Account?
A savings account is where to put money you don't
want to spend right away. A good thing about a savings account is that it
makes it easy to save money, because you know it's safe, and you can get
in the habit of bringing money, perhaps part of your allowance, to the bank
each week. With regular deposits, and the interest you'll earn, it doesn't
take long for savings to grow. It's important to always have some money
saved up, so that if you have an emergency come up, you'll have the money
you need to deal with it. Savings also allow you to make big purchases,
like a computer or even a house, without going into debt. The bank sends
an account statement out with savings accounts, too, but sometimes only
every few months. Just like with checking accounts, it tells you how much
you have in the account, and also how much interest you've earned.
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