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Your money will be protected from theft and fires. Plus, your money will be federally insured so if your bank or credit union closes, you will get your money back. The maximum amount of money that can be insured is $100,000. Many banks offer an interest rate when you put your money in a savings account

The average account has a measly 0.06% APY (annual percentage yield, or interest), and many of the nation's biggest banks pay rates as low as 0.01%. But there are actually some accounts that pay yields closer to 1%

In most banks, an initial deposit of $500 is required to open an account. However, several banks need only $25 to $100 to open an account. Please note that in some banks like Everbank, an initial deposit of $5,000 is needed to open an account. The initial deposit required to open a bank account varies from bank to bank and also the type of bank acc

Banks use the money deposited on savings accounts to lend to borrowers, who pay interest on their loans. After paying for various costs, the banks pay money on savings deposits to attract new savers and keep the ones they have.

For opening bank accounts, you need to be at least 18 years old. There are several important requirements to open a bank account. You need to provide paperwork including forms of identification and photo ID proof. You also have to provide your personal information like date of birth, physical address, phone number and email ID. An address proof is

The simple, straightforward answer is, as soon as you deposit money in your account. This is because, when you deposit money into savings account, the bank is borrowing your money that very moment. Hence, the interest the bank owes you starts immediately. The interest rate depends on how much money a bank pays you to keep your funds on deposit.