Savings account facts for kids
Saving accounts are a type of deposit account kept by banks that pay interest. They let a person keep some of their money in the bank for immediate use. They also earn money through interest. Having a savings account in a bank allows a person to have money available for an emergency. Savings accounts may be opened at most banks, credit unions and trust companies.
The other major types of deposit account are the transactional account (usually known as a "checking" or "current" account), money market account and time deposit.
To learn more about other accounts and the banking system go to Banking activities.
Images for kids
-
An advertisement for an early 20th century Toledo bank for a 4% interest rate on savings accounts
_(cropped).jpg)
See also
In Spanish: Cuenta de ahorro para niños
All content from Kiddle encyclopedia articles (including the article images and facts) can be freely used under Attribution-ShareAlike license, unless stated otherwise. Cite this article:
Savings account Facts for Kids. Kiddle Encyclopedia.