Four Reasons to Open a Savings Account: Like an IRA or a 401(k), a savings account has an important place in any family’s financial plan. Traditional savings accounts offer an opportunity to earn steady returns on deposited principal, and often carry less risk—and may require less decision-making—than more complex investments. Here are four reasons why savings accounts are an attractive way to help secure your financial future.
Discover Bank is available nationwide. See below on Four Reasons to Open a Savings Account.
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Four Reasons to Open a Savings Account
- They’re safe. Four Reasons to Open a Savings Account
- Preserving hard-earned money is a high priority for just about everyone. The Federal Deposit Insurance Corporation (FDIC) insures the deposits of banks to the maximum allowed by law.
- FDIC insurance is backed by the full faith and credit of the US government, meaning the US Treasury stands behind FDIC-insured depositors. According to the FDIC, no customer has ever lost a single penny of insured deposits in its 73-year history.
- You don’t need to do anything to make money off your principal.
- One of the best things about savings accounts is that the money you deposit automatically earns interest, and that interest compounds over time, accelerating the growth of your money. You rarely have to make any decisions (other than which bank to save with; some offer higher interest rates than others). Just deposit money and you’ll receive an update on your balance with each statement.
- You can easily link to other accounts.
- Many banks allow you to link your savings account to your checking account, or even accounts at other financial institutions. Connected accounts make it easy to move money around, especially when you have established financial goals that require monthly and/or automatic transfers. Four Reasons to Open a Savings Account
- Limitations and requirements are few.
- If you’re at least 18 years old and you meet the bank’s minimum initial deposit requirements, you can open a savings account at most institutions. As a result, it’s not uncommon for parents to open savings accounts for their young children to impart the value of saving early on. Four Reasons to Open a Savings Account
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- All your banking, in your pocket or purse. Download the Discover Bank Online App today via iOS or Android.
Still Have Questions?
- Reach someone helpful 24/7. Call 1-800-347-7000! Ask to be connected with the Discover Bank Online Security Center.
Author’s Verdict
Savings accounts are an essential component of any family’s financial plan. They are easy to establish and safe once you do—plus, they generate steady returns with little management. The only question is whether you can muster the discipline to continually funnel deposits their way. It’s worth trying; building a solid nest egg can have untold payoffs for you and your family down the line. Hopefully this Four Reasons to Open a Savings Account post helped you! Let us know if it did in the comment section below or help add onto our list! Let us know about your thoughts and experience with Discover Bank Online in the comment section below! If you’re interested in more info regarding Discover Bank Online offers, check out our full listing of Discover Bank Online Bank Deals, Offers, Bonuses, and Promotions. Be sure to check back on BankDealGuy for more bank deals! How Do I Dispute A Transaction FAQs
 • Available nationwide online • Earn high yields with flexible access to your cash. • Earn 3.65% APY balances $100,000 and over • Earn 3.60% APY balances under $100,000 • No hidden fees. No surprises. • Easy cash access via debit or check, or via ATM at over 60,000 no-fee ATMs • Get started and open a Discover Money Market Account in 3 easy steps. |
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