It is estimated that 65% of Americans will open a personal savings account during their life time. This type of savings is extremely useful for successful money management. Many Americans run into trouble by spending all their money and failing to put any money aside. They may have just enough money to get by month to month, but have no money available to them if something were to go wrong.
There are many benefits to starting a savings account. The interest rate may not be as high as other types of accounts, but the money is very accessible. It is very easy to transfer funds from a personal savings account to a checking account. You never know when a car is going to break down and you will need some cash on hand to pay for repairs.
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Some people may choose to have multiple personal savings accounts through the same bank or at different institutions. They can have a specific account for different purchases. For instance, money for a car or savings for college tuition. However, there are ways for individuals to save money other than placing funds in a savings account. Since this money does not accumulate much interest, it may be unwise to keep a large amount of money just sitting in a lowest interest account.
Other options for saving money include opening a money market account. It has a higher minimum deposit, but still comes with the easy accessibility. Certificate of Deposit savings accounts are another common option for those looking to make the most out of their savings. These will hold money for a certain amount of time, from a few weeks to over a year.
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