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Banking and Bank Accounts

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Now that you have become an excellent expense tracker and have repented your frivolous-spending ways, you will need to put your money somewhere. Keeping it under a mattress or in a coffee can will not do. A better idea is to deposit your money in a bank.

What makes a bank better than the coffee can? The primary function of a bank is to store, transfer, and invest money. A bank offers you a safe place to store your money. It is harder for a thief to steal your money from a bank than it is from under your mattress. There is also less risk of your money being lost in a fire when it is in a bank vs. when it is under your mattress.

Banks are also useful because they allow you to gain access to your money without having to carry it around all the time. You can establish different types of accounts at a bank, some of which allow you to have remote access to your money.

Banks offer a number of financial services beyond simple money storage and remote access. You can get a loan at a bank too, for instance. Lastly, once you have established an account and have a relationship with a bank, it is easier to borrow money from that bank than if you had no account with them.

In the next several documents, you will find information on the different types of accounts available at a typical bank.