Savings Accounts For A Rainy Day
Another key element of your financial plan is a savings account. Think of this account as a place where you’ll keep your money long term and give it a chance to grow. While your checking account is continually fluctuating in size, your savings account should be stable, if not growing, at a steady rate.
Earlier, we mentioned trying to set aside 5% to 10% of your income for savings every time you get paid. This is a worthy goal. As a college student on a tight budget, this may be tough. It’s probably more realistic to set aside what you can each month after you’ve done your budgeting. The good news is, the more you set aside, the more interest your account earns, so your money grows faster.
Refer to the links below to learn more about how your savings can grow. Or, view our savings account options, call us at 301-987-BANK or 1-800-987-BANK (out of area), visit a branch near you, or open an account now.
Savings accounts typically earn compound interest. Whenever interest is calculated, it is based not only on the original amount in the account but also on any interest that has been added. The more frequently interest is compounded, the faster the balance grows. The rate that interest is compounded is referred to as the Annual Percentage Yield (APY).
1 Interest rates shown are for educational purposes only and do not represent current rates.
