You pretty much can’t live without money. After all, it’s what you use to pay for everything, whether it be necessities or stuff you like.
That’s why it’s important to have a place to store your money safely. While people usually hide them under their mattresses or inside a shoebox, but as you get older, you’ll need something more reliable and accessible. The good news is, banks are meant for exactly that – and more. For you to understand better, here are some of the benefits of opening an account.
Store Money Safely
In simple words, banks are financial institutions where people can store money for safekeeping. The establishment is guardedand monitored by security personnel, vaults, and cameras. This ensures that no one, other than the administrators, can touch the bills and coins inside.
What if the place burns down or a heist happens? For cases like these, the Federal Deposit Insurance Corporation (FDIC) ensures you can still claim the amount lost (up to $250,000).
Earn While Saving
All banking savings accounts have an interest rate based on the amount their client currently has. This means, just by storing money, you’ll get to earn some more! Here’s how it works:
- Store in your bank account: When you deposit money in your savings account, the amount you’ve stored is “borrowed” by the bank.
- Earn with interest: In exchange, a portion of your deposit will be added to your account in the form of an “interest.” Its frequency and rate depend on the bank.
This means, the more you’ve saved in your account, the greater your interest will be. Talk with your personal banking representative for more information.
Get Instant Access to Your Account
Depositing money and gaining interest isn’t all that you can do. You can also withdraw the cash you’ve deposited anytime as long as there’s an ATM (automated teller machine) around with the help of a debit card.
These are plastic cards that banks give when you first sign up with them. Each piece has its own secured embedded code, which is connected to your personal savings account. What’s great about this is, aside from allowing you access to the cash you’ve stored, you can also use it as a payment method in most groceries and online stores.
These are what you can do by opening a savings account at a bank. If you’re interested to learn more about it, or if you want to sign up, talk with a representative for a personal banking service in Fife Lake MI.