By Caylee Hanna, Staff Reporter
Although starting a bank deposit account can be scary to some people, I think it is a necessity to begin a savings account in today’s society. Savings accounts help in situations that are financially demanding and are easy to set up at any bank that you go to.
One of the reasons that I think savings accounts are important is because interest builds over a certain amount of time while the money is in the account. Interest is basically free money that your bank gives you for keeping an account with them. At the bank that I use the annual yield for a savings account is 0.8 percent, which is typically about $1, but interest rates are different for every bank.
In my opinion free money is always a good thing, no matter how much you get. I am always willing to get some free cash. It is even better when I get the money through my bank account because I don’t have to keep up with it or constantly worry about where the money is.
Another useful asset that savings accounts provide is money for emergencies. Emergencies happen out of nowhere so it’s always good to have extra money that can be accessed when they occur. Savings accounts help with this by allowing the money in the account to be taken out when needed because the account is typically linked to a checking account. This allows the owner to transfer funds quickly and withdraw any amount of money that is needed at any time.
It is good to get money that you don’t have to work for and to have money stored away in case of an emergency. I believe that having a savings account is crucial, especially because of how easy it is to set up and use.