What is a savings account
A savings account is an account at a bank or credit union that earns interest.
What are savings accounts typically used for
Savings accounts are typically used for
- short term goals: such as a car down payment, vacation, or the holidays
- building an emergency savings fund
How many withdrawals can you make per month
Federal law that says you can't make more than six withdrawals or transfers per month out of your savings account.
What features should you look for in a savings account
- FDIC or NCUA insurance
- How much interest the account earns
- Low or no monthly fees
- Easy access to your money