Savings Account – Easy way to save big money
What’s so great about saving accounts?
First off they are FDIC insured. That means that the government has your back in case the bank fails for any reason. More specifically, the federal government fully insures your savings account deposit up to the tune of $250,000. (Factoid: Since the start of FDIC insurance on January 1st 1934, no one has lost a single penny due to bank failure, FDIC)
Secondly, savings accounts are liquid! That basically means that your money is much more accessible. With other types of savings or investment vehicles like stocks, bonds, treasuries, certificate of deposits, etc. you generally have to wait a good amount of time for them to mature before you can realize your returns. With savings accounts, you can stash your money in a interest-paying account and take it out money whenever you want. The money is always there and you don’t have to sit on it. Of course, the flip side is that you generally don’t receive as high returns as these more illiquid investments, however, the accessibility of more liquid savings accounts makes them perfect for things like short-term saving, emergency funds, etc.
Now that I have rattled off some of the benefits of having a high interest savings accounts, where can you find them?
Easy…the internet!
Yup, there are a ton of savings accounts out there on the internet and it’s pretty easy to find them. Moreover the application process can be done very easily over the web.