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SAVINGS & INTEREST |
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When you open a savings account, you bring your money to the bank and they give you your own special number - an account number - that keeps track of how much money the bank is keeping for you. You may get a little book, called a "passbook," to help you keep track of how much more money you bring to the bank, and how much money the bank is paying you in interest. The bank will also send you letters to remind you of how much money you have in your account. Why
would the bank pay you money for keeping your money in a safe place? When
you put your money in a savings account, you are telling the bank that
you won't need it for a while. So the bank uses your money to help people
who need loans for houses, or cars, or going to college.  |