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Is your piggy bank almost full? It might be time to deposit your savings to a bank! There are lots of reasons why it is better to save your money at a bank instead of at home. This month, Young Americans Bank brings you the most important!
Most banks have deposit insurance through the Federal Deposit Insurance Corporation (FDIC), which insures account holders against the loss of their money up to a specified limit. If you save money at home and something happens to it, it is gone. But if you save money at a bank and the bank experiences a fire, flood, or robbery, you’ll still get your money back! Make sure that your bank is insured by the FDIC–Young Americans Bank is!
Did you know that banks pay you to keep money there? That money is called interest! Because the bank uses the money put into savings accounts to loan money to customers, the bank pays interest to savings account customers. There are two ways to make money: you can make money by working, or you can let your money work for you by investing it in a savings account where it will earn interest.
It’s easy to know how much money you have at the bank because they keep track of it for you. Statements from the bank provide a record of transactions, and you can check your balance online any time. You should still double check your balance with your own register at home, however, to make sure there isn’t a mistake.
Storing your money in the bank helps you save for long-term goals. A bank helps you track your money because you can see withdrawals and purchases you’ve made on your statement. Since money in a bank is also less accessible than money kept at home, it is harder to spend on impulse.
Savings can be used in case an emergency occurs and you are short of cash
Saving your money at any bank is a great idea. But we also think there are a couple of great reasons why you might like Young Americans Bank a little better:
- Everything is designed just for you – Our teller line has counters at two different heights and a step-stool if you need it! Our transactions tables feature to different heights as well. Our customers come in lots of different sizes, so we do, too.
- Your Parents Can’t Bank Here – Only customers under the age of 22 can have accounts at Young Americans Bank!
- Activity Kiosks – While you’re waiting to make your deposit, you can play fun money games and learn important financial facts on our activity kiosks in the bank lobby.
- Trivia – Every month, the tellers will have an exciting new trivia question for you.
- You Can See the Vault – We want you to know exactly where your money is going– that’s why our vault is located right behind the teller line. But don’t worry, your money is still plenty safe; the vault door alone weighs seven tons– that’s as much as seven baby elephants!
- Candy – Every teller station has it. And after a successful transaction, you can too!
- The Coin Machine – Unlike most banks, our coin machine is located on the teller line, meaning you can watch your coins being counted. Even better, the coin machine is free of charge for our customers. So bring in your piggy banks, and watch the money add up!
- Friendly Staff – Most important of all, our staff is here just for you. Since all of our customers are young people, we have a lot of experience with the money challenges you’re facing. So any time you have questions about savings, banking, or money in general, just ask any of our knowledgeable tellers!
Wherever you choose to bank, make sure you think about opening a savings account. It will help you get started on your path to being a financially-smart adult!