To save the money in safely go Bank Savings Account

The Banks and loan associations provide many types of accounts, such savings accounts for customers who want to save the money without any risk, that keep money safe and easily accessible. Here are some reviews of what savings accounts are and why you might want to have a bank savings account.

What is a Bank Savings Account

A bank savings account is a type of account designed to simply hold money placed in savings accounts is readily available for emergencies and often accessed without penalty. When contrasted with checking accounts, bank savings accounts tend to pay a slightly higher rate.. While your principal, or the amount you deposited, is safe, the interest rates for savings accounts are lower than those for accounts intended for longer-term investments.

Easy Access to a Bank Savings Account

Savings accounts offer easy access to your cash. In other words, your money is liquid (meaning you can make a withdrawal easily and quickly) in a bank savings account. Note that savings accounts are not as liquid as checking accounts, because you can get money from a checking account by simply writing a check.

Bank Savings Accounts Grow Your Money

When you have money in a bank savings account, your money earns interest.

o    This is a nice feature. Your bank savings account pays a rate of return on all the money in the account (you’re APY). That means that you get "paid" for keeping your money in the account. If you were not going to use the money anyway, then getting paid a little is better than nothing.  Many banks post their interest rates or APYs in their lobbies or on their websites. You can request that a bank quote you the interest rate for savings accounts in the form of an APY. Interest rates, which are based on your risk and commitment, vary among banking institutions and may change.

Bank savings accounts pay you more on your money than checking accounts.

Bank Savings Accounts are Relatively Safe

Your savings account is safer in a financial institution that insures your funds through FDIC, or the Federal Deposit Insurance Corporation. FDIC is a federal agency that insures deposit accounts -- which are savings, checking, money market deposit and certificates of deposit - up to $250,000.00 for each depositor. Suppose that you have $1,000 and you're not going to use the money for another 3 months. You could do several things with the money. You could carry it around with you, you could put it under your mattress, or you could put it into a bank savings account.

The safest thing to do with your money is to put it into a savings account. If you carry the money around with you, you might lose it. However, if the money is in a bank savings account, your banking institution is responsible for the safekeeping of that money. If the bank burns down, your money won't go with it, and any reputable bank will not just lose your savings.

Furthermore, you earn interest on the money in a savings account. You don't earn interest on cash that is sitting under your mattress.