What is a bank account?
You deposit money into the bank account when you want to add money, and withdraw money from the bank account when you need to use it.
Why would I use a bank account?
A bank account is a great place to store your money safely. You can use your bank account for saving money for large purchases, making payments using a debit card or by writing checks, paying bills online, and more.
How safe is the money in a bank account?
Are there different types of bank accounts?
There are mainly two types of bank accounts.
- Checking accounts, which pay very little or no interest, and are used for day-to-day transactions like writing checks, bill payments, etc.
- Savings accounts, which pay a higher rate of interest, and are used for saving up money for the future.