Types of Accounts
In the world of saving at the bank, there are two types of
accounts. The two types of accounts are
savings accounts and checking accounts.
The first type of account I will tell you about is a checking
account. You will probably not need
this type of account until you are in college or late high school. With a checking account, you can pay your
bills without having to withdraw money from your account. This may not make sense right now, but when
you grow up, this type of account will be very helpful in your life.
The other type
of account is a savings account. This
type of account will also be very helpful.
It is like your own personal piggy bank except it is in the bank and it
is totally protected. You put some
money into this type of account and slowly but surely, you will earn interest
which is a little sum of money that is added to your money in the account. If you leave ten dollars in the bank for ten
years, and didn’t put in or take out any money from this account, you could
have one hundred dollars in your account after many years. That is what a savings account will do for
you.
