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What is a Savings Account? Comments

  • By Jocelyn Black Hodes, DailyWorth's Resident Financial Advisor
  • June 21, 2013

A savings account is a deposit account held at a bank or other financial institution that is FDIC-insured and protects your principal while paying a modest interest rate. Savings accounts are not intended to be transactional accounts, so features like checkwriting and free transfers can be limited. Funds in these types of accounts are considered to be one of the most liquid investments aside from checking accounts and cash.

 

See Also:

3 Steps to Savings Success

A Penny Saved

Ask An Advisor: Is it Too Late to Start Saving?

Step 3: How Many Savings Accounts Do You Need?

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