| Have you ever had your parents tell you "Save your | | | | usually provide a free monthly bank statement to |
| money" and "Invest your money?" Fact is, they are | | | | show you what was deposited, what was withdrawn, |
| telling you something that is truthfully a good way to | | | | etc. This can help you in maintaining your bills and |
| get a return on your money. On top of that, its safer | | | | financial records. |
| then carrying cash in your pocket. | | | | Reason 2: NCUA Insured |
| I wrote a blog not too long ago (earlier today) that | | | | With your money in the bank, you also have the |
| explained the top 5 reasons on why saving with a | | | | protection of the NCUA. The fact of this is that your |
| bank was such a worthy investment. Here is the 5 | | | | money is insured by the NCUA for up to $100,000 in |
| reasons: | | | | your bank account. So if the bank were to be robbed, |
| Reason 5: Free ATM Card and/or Checks | | | | you'd be reimbursed for up to $100,000 of your |
| This is a reason many probably won't understand, but | | | | account balance. |
| think about it though. Its always great to have access | | | | Reason 1: Earn a Return and Build Credit |
| to your money whenever you want it or absolutely | | | | That's right, 2 things have number 1 locked down. The |
| need it. Plus, carrying a debit card is safer then carrying | | | | first is that with a Savings or Checking account, you |
| cash around in your pockets. | | | | can earn a return on your money. Some banks offer a |
| Reason 4: No Responsibility Unauthorized Charges | | | | low APY, while some offer a high APY. For instance, |
| AND Overdraft Protection | | | | the online bank known as ING Direct offers a 4.00% |
| When I say this statement, I am assuming the financial | | | | APY for up to $50,000 and 5.25% for $50,000 and |
| institution you are electing to get an account from | | | | upwards to the next tier. |
| offers this. Before getting one, ask them about their | | | | Allow me to explain, assume you have $1,500 in the |
| policy of unauthorized charges and their overdraft | | | | ING Direct savings account, that is an extra $60 a |
| protection (if any.) | | | | year (or approx. $5 extra a month.) Aside from getting |
| Reason 3: Help Keep Track Of Your Financial | | | | a return, you can build you credit score as well. Its a |
| Records | | | | well known fact that having your bank account in good |
| With a checking or savings account, it is considered | | | | standing and being opened for a while can build your |
| much easier to track your financial records. The banks | | | | credit score. Might as well start early... meaning today. |