Save Your Money With A Savings Account

25 July 2012 18:00 - Phoebe Robinson

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Save Your Money With A Savings Account

A savings account is probably the first account you will ever have. Savings accounts allow you to keep your money in a safe place while it earns a small amount of interest each month.  Suppose you are given £1000 and you’re not going to use the money for another 3 months. You could do server things with the money. You could carry it around in your pocket, you could put it under your mattress or you could put it into a bank savings account. Putting money in savings account is a way of keeping your money safe. If you carry the money around with you, you might lose it, if the money is under your mattress you could get robbed and lose it but if the money is in a savings account it is safe!

On top of this you are less likely to spend the money and the money in the savings account is insured. If you home is robbed or catches fire and is burnt down your money will be gone. However banks and credit unions keep your money safely locked away in fireproof safes.

Moreover savings accounts offer easy access to your money, your money becomes what is known as liquid which means you can withdraw it quickly.  Furthermore when you have money in a savings account a great advantage is that savings accounts grow your money and your money earns interest. What happens is your bank savings account pays a rate of return on all the money in the account. That means that you technically get ‘paid’ for keeping your money in the savings account.



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