June 17, 2021

The Top Benefits of Having Your Own Savings Account

A savings account is an important thing to have for anyone who is serious about putting money back for the future. Whether you are planning on saving back for a down payment on a home or vehicle, or just want a rainy day fund that you can access in the event of an emergency, it is important that you have some money put back in your savings account if you have one.

Columbia Bank
701 N Wood Ave, Linden
NJ 07036, United States
Phone: +1 908-925-1111

If you don’t have a savings account of your own, you should think about opening one! Most banks, such as Columbia Bank Linden, offer customers a savings account right along with their main checking account, so you can easily transfer money from one account to the other if you would like to save it back for any reason.

The Best Parts of Having a Savings Account

There are many good things to consider about having a savings account of your very own, and banks will find a way to reward you for saving some cash back. Here are some of the top benefits many account holders enjoy when they have a savings account of their own:

  • There is zero risk in having a savings account: A savings account is an investment in yourself. You never have to worry about the amount of money in your savings account going down unless you move money out yourself. It will only go up over time as you add to it.
  • It’s insured by the FDIC: The Federal Deposit Insurance Corporation protects up to $250,000 in your savings account, which means if your bank were to go out of business tomorrow, the cash in your savings account would be completely safe.
  • You can withdraw it at any time: You can easily access your savings account anytime you need cash. Just move money from your savings to your checking account, or visit an ATM and pull it out in cash, 24/7.

As you can see, there are many good reasons to consider opening a savings account of your own if you don’t already have one. With no risk and only the possibility for the amount of money to increase, what do you have to lose?