BANKING AFFAIRS

Detailed explanation-1: -The Takeaway. Your money is safe deposited in a checking or savings account as long as it’s at a federally insured credit union or bank and you practice good cyber hygiene.

Detailed explanation-2: -Simply, it is an account in a renowned bank in which you deposit money and earn interest on the saved amount. The funds are not invested anywhere and losing the amount is not an option by any chance when it comes to keeping or safeguarding your cash in this type of account.

Detailed explanation-3: -While there are several different types of savings accounts, the three most common are the deposit account, the money market account, and the certificate of deposit.

Detailed explanation-4: -Savings accounts are a safe place to keep your money because all deposits made by consumers are guaranteed by the Federal Deposit Insurance Corporation (FDIC) for bank accounts or the National Credit Union Administration (NCUA) for credit union accounts.