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What is a Savings Account? A bank account that accumulates interest. A hole in your mattress where you stash your cash. An account you regularly deposit & withdraw money from to pay bills. A coffee can in the ground where you put all of your money.
A hole in the mattress is a step in the right direction because it means that you are saving, but you should deposit your money in an account at a bank or credit union where it can earn money for you. Please Try Again…
Close, but not quite… While you are able to withdraw money from a savings account to purchase items and cover expenses, it is better to use a checking account for regular transactions such as paying bills and covering day to day expenses.
Try Again A coffee can in the ground doesn’t help you earn interest and worse yet, the money could be stolen if anyone sees you hide it in the ground!
CORRECT!!! A savings account is when you keep your money in a bank or credit union and earn interest. Interest is the money the bank pays you for keeping your money there. A savings account is a safe, convenient and affordable way to save your money. The federal government also insures your money. No matter what, you can't lose your money when it's in the bank. A general rule about a savings account is Time = Money. The longer you can leave the money in, the more interest it will earn. To learn more about savings accounts, visit: http://www.practicalmoneyskills.com/personalfinance/savingspending/ saving/howitworks.php http://www.practicalmoneyskills.com/personalfinance/savingspending/ saving/howitworks.php 30-Second DPN Trainings are a National Disability Program Navigator collaborative effort