Money: Know It to Grow It - Savings Account

Transcript:

What is a savings account?

It's a product from a bank or financial organization that allows you to deposit your money, to save it!

You might ask, “why not just put my money under my mattress?"

You could. But imagine misplacing or losing your money!

Plus, many savings accounts pay interest. So, they pay you for depositing and holding money in your account.

And, if your bank is federally insured, the money in your account is insured up to $250,000.

How could you use a savings account?

Money in a standard savings account is generally liquid, meaning you can access and use it pretty quickly…

…and when you do take money out, you'll likely have more money than when you started!

…which makes a savings account a great place to save for your future needs and goals.

So that's a savings account. Find more ways to know and grow your money at Synchronybank.com.

LEARN MORE: Money: Know It To Grow It - FDIC