The 3 Benefits of a Savings Account!

The 3 Benefits of a Savings Account!
Fiona Staff12/23/2019

Want a savings account? Then we’ve got some info for you to consider. After you finish this article, you’ll know if it’s the right time for you to get matched with a savings account that will help you work towards your financial future.

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It’s the 21st century—savings accounts are safe, convenient and have the ability to grow your savings over time. Let’s walk through some of the benefits of a savings account, so you can smash that piggybank and start making that money grow! 

Savings Accounts 

Savings accounts have many benefits, and they differ based on account, but there are three simple benefits that make most savings accounts an easy and safe way to save your money. Whether you’re just savings extra funds at the end of the month, or savings towards a large purchase, these three benefits of a savings account will remain constant: 

  • Access 

Many savings accounts can transfer money to a checking account for ATM withdrawal on the same day. Other accounts, especially those with higher interest rates, may have more limited access.

  • Security

Accredited financial institutions are all FDIC-insured. This means your savings will be protected no matter what happens to the cash at the physical location. Even if your home gets tragically broken into, your savings are safe! 

  • Growth

If you’re saving, your money should grow more than dust! It’s easy to get matched with a savings account that has an APY that will grow your funds. APY—or Annual Percentage Yield—is the calculation of both interest rate and compounding period to give you an easy indication of how productive a savings account will be in growing the funds you have in it. The higher the APY—the more your funds will grow! 

To break it down simply—putting your money in a savings account generally helps your savings grow. This is due to both interest rates that grow the money in your account and the fact that your spending decision-making process will now have more steps, which will give you more time to make a thoughtful purchase. 

The best part about choosing a savings account? You’re in charge. With minimal work, you can get matched with a savings account with an APY and set of fees that works best for you!  

What’s important is that you take the time to think about what would benefit you, your family and your future goals. Search and get matched with savings accounts that will help you save money and start growing it!

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