Savings Accounts

One way to solve your piggy bank woes is to open up a savings account at your local bank, savings institution, or credit union.

Let’s say you have $100. Take that $100 to your financial institution of choice and open a savings account. When you do that you are loaning the bank your money. Because you are giving them your money, they give you extra money, which is called interest. So, if the annual interest rate is 5%, your $100 will grow to $105 after one year. The more money you have in the account, the more interest you will earn!

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