Savings Accounts


Savings Accounts

A savings account is used primarily for:

  • Emergency cash
  • To help you save money for a long-term goal
  • To provide overdraft protection in case you spend all the money in your checking account–the two are electronically linked so that your savings account will pay for any overcharges
  • An ideal startup program to help a child learn to save money (often allowing a lower minimum balance)

Savings accounts often feature:

  • Low minimum balance requirements–around $50 to $100
  • Low or no fees as long as you maintain a certain balance
  • Limits on how many withdrawals you may take each month–to encourage you to save instead of spend
  • Transfer privileges between your checking and savings accounts