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Savings accounts are a great way to budget for the future, whether you’re looking to save for a major purchase, or simply build an emergency fund. But the benefits of having a savings account don’t end there. Here are five benefits of opening a savings account!

Safety: With a savings account, you can rest assured that your money is safe and secure. Because savings accounts are FDIC-insured, up to $250,000 per depositor, you won’t have to worry about your money being lost or stolen.

Growth: Savings accounts offer the potential to grow your money over time. Different banks and credit unions offer different interest rates. Some, for example, may offer an introductory rate that lasts for six months, while others offer tiered rates that depend on the amount you have in the account. Regardless, savings accounts offer a more beneficial return than keeping your money in a shoebox.

Flexibility: Most savings accounts offer great flexibility. You can transfer money from your checking to savings and vice versa. You also have the option of setting up direct deposit on your savings account, which can help you reach your saving goals faster.

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