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There are situations that will require to have a bank account as the information will be necessary on an application for a loan or mortgage. Lenders and other creditors may not have a lot of faith in your financial abilities if you are not keeping even a basic checking or savings account.

A savings account is one of the simplest types of bank accounts. It allows you to store cash securely and earn interest on your money.

You open a savings account at the bank. The bank pays you interest on the money that you deposit and leave in that account. The bank then loans that money out to other people, only they charge a slightly higher interest rate on the loan than what they pay you for your account.

The Average Savings 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%.

Regular Savings Accounts,Money Market Accounts,Certificates of Deposit (CDs) are a different types of Savings Accounts.

High-Yield Savings Accounts are Deposit accounts available Through A Online Or Brick-And-Mortar Banks That Pay A Higher interest rate (or An Annual Percentageyield (Apy)) Than A Traditional Deposit savings Account.