Although you may already have an active checking account, you should still open a savings account. Each account serves an entirely different purpose with benefits for your family. Take a look at our list of five reasons you should open a savings account and make the move.
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|NJ 07036, United States|
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1- Save Money
As the name suggests, a savings account gives you the chance to save money. We all need a rainy day fund or money set aside for things that we want and need in our lives. You can put it into an account with restrictions in place of ensure that you do not touch the money. It is one of the best ways to save money.
2- Build Interest on the Money You Deposit
The reason that you should open a bank account to save money rather than put it into the piggy bank at home is because the money builds interests. Every dime you contribute can very well earn you more money.
3- It is Free
Check out the various savings account options available from banks like Columbia Bank Linden where you can open an account at no cost to you. While there may be a minimum deposit requirement, that is the only fee you incur.
4- Safe Money
Saving money at a bank is much safer than saving money at home. It is a crazy world in which we live in and with money at the house, this puts you at risk. You can sleep well when the money is safely kept inside a bank.
5- Children’s Future
Many parents choose to open savings accounts to contribute money to their child’s future whether that is a college education or something else. This could be a good reason you also want to open a savings account.