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  • Posted on November 30, 2018July 26, 2022
  • by BrightDime

savings account

A savings account is typically used to hold money for longer periods of time, when you anticipate only a few withdrawals per month. Most savings accounts earn some interest, with some of the newer online banks (vs. your local bank) offering higher rates than traditional banks with lots of branches. Savings accounts aren’t quite as easy to withdraw or spend from as checking accounts, but usually offer better interest rates.

Posted in GlossaryTagged account, interest, saving

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