Savings Accounts

By: Jeff Palombella

Savings account

A savings account acts as a place for you to store extra cash and it is easily accessible in an emergency. This account makes it not so easy for you to spend money on things that you didn't intend to buy. This account also allows you to make money on your money through interest while you use a institution.

Advantages and disadvantages


1. Savings account are easy to setup and easy to maintain.

2. This account also allows you to quickly an easily move money between the two accounts.


1. Savings accounts earn very low interest rates such as 0.1%.

2. Another problem is that these accounts do not make your money work for you while it sits in an institution.