Banking and Financial Services (1)
At its most elementary level, a bank may be a place to securely keep your money. But beyond the fundamentals, banks usually offer a good range of products and services designed to help managing your money a bit easier.
From car loans to credit cards, there are many banking services you'll need at different stages of life. And with digital options, you'll access many of them right from your phone or laptop. Below may be a review of monetary topics which will assist you learn banking basics. There’s also a glossary of terms at the top.
Why should I put my money in a bank?
Keeping large sums of cash at your home or your business are often risky. Even though the chances could also be small, there’s always the possibility of loss, theft or maybe a natural disaster. When you deposit money at a bank that’s FDIC-insured, you’ll know that it’s protected up to allowable limits.
Dealing with cash for everyday expenses are often a little cumbersome. Besides that, a checking account allows you to monitor your expenses in one convenient place, which may be helpful if you’re watching a budget or building a bank account. Paying bills online also can simplify the method (as against buying stamps and mailing checks).
Another consideration? Interest. Cash hidden within your cooky jar or under your mattress can’t increase. But an account that earns interest pays you only for keeping your money there. Rates of interest vary from bank to bank, and from account to account, so you'll want to shop around before deciding where to stash your earrings.