How does a savings account work with Bank of America?
I’m fairly new to banking, I just got a student banking account with them yesterday and I don’t understand the concept with a savings account. I have all my money in my checking account. But what if I were to put it in the savings? What would be the benefits and disadvantages? Thanks!
having a savings account has many advantages, even if you like to keep the majority of you money in you checking having that other account is great even if you can only afford to put $50 in it per month. I do not now how BoA’s accounts are set up and what their minimum balance requirements are but once you have enough money in you savings you will start to earn interest off of that. Defiantly do not see ant disadvantages to savings account if you need the money you can still get to it.
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