ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Savings accounts are a safe place to keep your money because all deposits made by consumers are guaranteed by the FDIC for bank accounts or the NCUA for credit union accounts. Certificates of deposit (CDs) issued by banks and credit unions also carry deposit insurance.

Detailed explanation-2: -FDIC stands for Federal Deposit Insurance Corporation, and NCUA stands for National Credit Union Association. Both of these organizations protect the money in your account with up to $250, 000 in insurance per account per user.

Detailed explanation-3: -Banks have two choices for your money. They put most of the money in a local Federal Reserve Bank and keep the remaining cash in a vault. The vault helps banks provide customers with quick withdrawals while they earn interest on the money in a Federal Reserve bank.

Detailed explanation-4: -Your money will be protected from theft and fires. Plus, your money will be federally insured so if your bank or credit union closes, you will get your money back. The maximum amount of money that can be insured is $100, 000. Many banks offer an interest rate when you put your money in a savings account.

Detailed explanation-5: -Checking accounts. If you put your savings in a checking account, you’ll be able to get to it easily. Savings accounts. Money market accounts. Certificates of deposit. Fixed rate annuities. Series I and EE Savings bonds. Treasury securities. Municipal bonds. More items •30-Nov-2022