ECONOMICS
MONEY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Your money is safe, it can grow and you can save for something in the future
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They burn it, trash it, hide it.
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They give it their friends, their family and strangers.
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They spend your money on pop, chips, and candy
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Detailed explanation-1: -Savings accounts offer one of the simplest ways to earn interest on the money you have. They offer higher interest rates than a regular checking account, while still making it easy to spend and withdraw money.
Detailed explanation-2: -Savings accounts can also be great for money you want to keep safe, like your emergency fund. If you’re practicing good financial health by saving a least six months or more of expenses in an emergency fund, you want to make sure that amount is secure (yet accessible) should you need it.
Detailed explanation-3: -Key Takeaways. 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-4: -Saving money is a great place for consumers to start, or continue, to work on their finances. Using money that you’ve set aside to pay for unexpected expenses or to make a large purchase can help you avoid debt. And, knowing that you’re saving for long-term plans like college or retirement can give you peace of mind.