Let's assume that your state of residency does not require you to have insurance (although most of them do). You have an accident,the car(s) are seriously damaged. People are injured and it turns out to be your fault. Do you have thousands of dollars in the account? More likely hundreds of thousands? If not you have a BIG problem. Not to mention that if you do not own the car "free and clear" you have to carry full coverage anyway.
A savings account is useful so that you can have money for emergencies or plan for future events (such as travel or retirement). Saving money also helps you live within your means and teaches you the importance of money.
A savings account is a good place to keep money safe for future needs.
A money market savings account is a special kind of savings account. Money market account holders receive more money on their return. Money markets are secure.
your money that you have in a bank account your money that you have in a bank account
A savings account is a very good account to open up if an individual would like to start saving money. It allows extra saved money to be transferred from the checking account to the savings account.
A Savings Account is a type of account that is designed to promote savings among the general public. You can deposit and withdraw money from this account but at the same time the bank offers you an interest on the money deposited into the account.
The main difference between a savings account and a checking account is that a savings account has an interest rate. A savings account is also mostly used for saving money, although, both accounts allow you to take money from them as you please.
There are several options available for business saving account. After the account is set up at a financial institution the information is usually provided to qualified employees.