Checking and Saving Accounts
Why Should I Have a Checking or Savings Account?
Whether you’re in high school, college, or entering the workforce, having a central, trusted place to manage your money helps to keep your finances in good order. It also frees you up to focus on other important responsibilities.
Checking and savings accounts offer a way to limit the amount of cash you need to carry with you or keep at home. They also provide visibility into your expenses and help you plan for the future.
Here are a few advantages of checking and savings accounts:
- Keep your money safe
Bank accounts are federally insured, which means they are safer than carrying large amounts of cash with you or stashing it somewhere in your room.
- Save money and time
Fees can add up quickly if you cash your paychecks at a grocery store or check cashing location. Checking or savings accounts usually have much lower fees and offer automatic deposit for income such as paychecks and financial aid. Savings accounts also typically pay a percentage of interest back to you on the amount in your account.
- Build for your future
A checking, and especially a savings account, is a great place to set aside money for smaller purchases like a new phone, or bigger purchases later in life, like a car or a house.
- Prepare for emergencies
Having an emergency fund in a bank account can help protect you against unexpected expenses, like a car repair or medical bill.