Saving Power Interesting Interest! Goals Fun Games
Where Do You Save!
If you put your money in a bank you are making a smart choice. The Government guarantees that you will get your money back if the bank your saving in is robbed, goes out of business, or hit by a natural disaster. So your money is safe in a bank! The Federal Deposit Insurance Corporation (FDIC) insures 100,000 dollars for each account. If you have over 100,000 dollars in your account it would be a good idea to start a new one.
If you are thinking of opening a saving account this might be helpful. If you start saving at a young age, its guaranteed that you will end up with more money than you started with. Its a fact! The best time to start an account is when you just got a large amount of money, such as a birthday gift, a holiday gift, and money you have been saving. Theres a catch though you have to have a certain amount of money to start an account. If one bank has a minimum requirement too high, search again. You have to have identification, such as, a birth certificate, or a social security number, and parents permission if you are under 18 years old to start an account. One type of account is the Statement Saving Account This is where you will be mailed a copy of your statement showing how much money was deposited and withdrawn. The statement will also show how much interest you earned and the total for that month.
Most people spend their money if they have it with them, so putting it in a bank will keep it away from them. The best thing though is that your money grows with interest! But you have to wait to learn about interest!