What is meant by a savings account?
This is the most basic type of account you can open at any bank. A Savings Account, by definition, allows you to deposit your money, safe with the bank, so you don't have to carry it around with you or hide it in that rusted old steel safe at home. Don't worry, you can withdraw these funds when you need them.
What are the 3 types of savings?
There are different types of savings accounts to choose from, and they're not all alike. The options include traditional savings accounts, high-yield savings accounts, money market accounts, certificates of deposit, cash management accounts and specialty savings accounts.
How much interest does a savings account earn?
The amount of interest a savings account earns depends on the APY the bank offers, your balance and how often interest compounds. The higher the AP...
How to calculate interest earned on a savings account?
The easiest way to determine the interest earned on a savings account is to check your monthly bank statement. Your bank should specify how much in...