Importance of savings accounts

Saving money is important to enables you to meet emergencies if they occur, it provides for future expenses when they are needed, and it is the first step towards achieving your investment goals. To save your money you can open savings account in your name. Savings accounts are easy to open and offer quick access to your money. Shop around and open your account with the bank that offers you the best services. Ask the manager to explain how to open a savings account and how to make deposits. After having savings account, take 10 percent of your paycheck and put it in your account every month.

Many parents open savings accounts in their children’s names and use the accounts as a place to save the money for child education. It is important to remember that the most banks will charge a monthly or quarterly maintenance fee and maybe an additional fee if your balance falls below a required minimum.

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