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A savings account earns you interest and provides a safe place for your money while it grows. The bank will pay you that interest because they are borrowing your money. You get more interest for keeping your money in the bank longer. There are several types of savings accounts that have different requirements and interest rates, for example, there is a regular savings account, a money market account, and a certificate of deposit. It's important to start saving as soon as possible!
20 years later...
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That's wonderful sweetie!
Mom, I'm so glad you taught me about checking and savings accounts because now that I'm an adult, I know how to use each and I know why it is important to know the difference between different types of savings accounts.
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When choosing a savings account, it is important to know your goals and needs. If you want to earn a small amount of interest but not make a commitment choose a standards savings account like I did when I was a teen. If you're willing to put your money away for a longer period of time in order to earn a high interest, get the certificate of deposit. Or if you want those higher interest rate but don't want a large time commitment get the money market account. It requires a large minimum balance but have tiered interest rates meaning you earn more money the more money you have in the account.
Saving is so much fun!

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