| If the principle behind getting rich slowly could be | | | | bank will cover the transaction so that you don't end |
| summarized in two words, they would be these: save | | | | up owing bounced check fees to various merchants. |
| money. And what better way is there to save money | | | | But you will still be responsible for the bank's overdraft |
| than to put it in a bank account? When used wisely, | | | | coverage fees, which can cost as much as $35 per |
| bank accounts can help your money grow. When | | | | transaction! Keep careful track of your purchases to |
| used foolishly, they can drain your finances. Here are | | | | avoid throwing your money away on these fees. |
| some tips for putting your money to work by putting it | | | | Banking Tip #3: Certificates of Deposit & Money |
| in the bank. | | | | Market Accounts |
| Banking Tip #1: Choose a Good Savings Account | | | | Depending on your goals, a savings account might not |
| Gone are the days when grandpas used to bury | | | | be your best option. For example, if you want a |
| mason jars full of pennies all across their back yards. | | | | low-risk investment that returns a good amount of |
| Now, we can use banks to keep our money safe and | | | | interest, check out Certificated of Deposit (CDs). The |
| secure. And unlike Grandpa's stagnant coins, the | | | | only drawback is that you have to commit your |
| money you put into a savings account will earn | | | | money for a designated length of time - typically three |
| interest. How much interest? The average is between | | | | months to five years. The longer you leave your |
| 2% and 4% annually, with compounded interest. | | | | money in a CD, the better off you'll be when it's time |
| Banking Tip #2: Don't Let Checking Account Fees Eat | | | | to cash out. CDs are FDIC insured up to values of |
| Your Money | | | | $100,000. |
| It's discouraging to put your hard-earned money into an | | | | If you'd rather have quick access to your money, |
| account, only to watch it dwindle because of ATM | | | | consider a money market checking account. These |
| fees, debit fees, monthly use fees and other | | | | account return a higher rate of interest than regular |
| nickel-and-dime charges. Some banks charge you | | | | savings accounts. Some banks require a minimum |
| money at the drop of a hat. Others offer free | | | | deposit to open money market accounts, and there |
| checking, free ATM and debit card use, and no | | | | are typically limits on the amount of withdrawals you |
| monthly payments. Check out several banks before | | | | can make each month. Speak to your bank for details. |
| you set up a checking account. | | | | Banks are a secure place to keep your money, and |
| Also, ask about overdraft protection. Some banks | | | | they offer services that help you make the most of |
| offer it for free. If you ever write a check or make a | | | | your money. Go online to compare bank rates and find |
| debit when your account has insufficient funds, the | | | | the best account for you. |