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Why open an savings account?

A savings account is a good place to keep money safe for future needs.


What is a good reason to place your money into a savings account?

A good reason to place your money into a savings account is to earn interest on your savings, which can help your money grow over time and provide a financial safety net for unexpected expenses or future goals.


A What is the money called that you earn on a savings account?

interest


The amount of money earned in a year by a savings account is called the?

ANSWER It is called "interest".


Money which is kept in an account for later use is called?

it is called a savings account.


Where can one find tips on what to do with money savings?

One can find tips on what to do with money savings from a number of places. One place would be to check financial magazines that contain tips on savings and investing.


What is the advantage of keeping money in a savings account?

The advantage of keeping money in a savings account is that it can earn interest over time, helping your money grow. Additionally, savings accounts are typically safe and easily accessible, providing a secure place to store your funds.


What is money paid for the use of money called?

Money that is paid for the use of money is called interest. When you keep your money in a bank savings account, the bank credits your account with interest.


What is the money paid for the use of money called?

Money that is paid for the use of money is called interest. When you keep your money in a bank savings account, the bank credits your account with interest.


How much money do teenage consumers place in savings each year?

probably $31,000.00 !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!


What is Money called which is kept in an account for later use is called?

Oh, dude, that's easy. Money kept in an account for later use is called savings. It's like when you're trying to resist the urge to buy that extra-large pizza and save up for a rainy day instead. So yeah, savings.


What is withdrawing money?

Withdrawing money is to take the money out. Say, you are at a bank. You may want to take out money from your bank savings to spend. That is called a withdraw.