Where to Save Money
A bank has different types of accounts where you can put money. A checking account can be for money that is spent right away on bills or other expenses. A savings account can be for money you want to save for later.
A savings account is a safe place to keep your money. The bank keeps your money safe. If something happens to the bank, there is insurance to protect your money.
Your bank will have people that can help you set up your account. You can work with them and build a relationship so that in the future, you can have someone to help you when you have questions.
They can also help you set up monthly deposits in your savings account that can happen automatically. That way you can save money without having to think about it as much!
How Does My Savings Account Grow?
Your savings account grows when you add money. Your savings account also grows because of the extra money the bank adds to your account. This extra money is called interest.
Interest is extra money the bank pays you for keeping your money in their bank. The bank pays a rate, or percentage, of the money you have in your account back to you. The more money in your savings account, the more interest you get paid.