Physical branches also provide an easy way to get cash instantly, to deposit checks, to access to notaries, and sometimes to get free coffee and donuts. While online savings account have grown in popularity and usage dramatically over the past fifteen years, some consumers prefer opening an account in a branch and having a personal relationship with the people who safeguard their money. However, if you have cash that you do not believe you will need for at least a year, you may want to consider investing in a certificate of deposit.
Individuals often use savings accounts for a home down payment, a vacation, a wedding, a car, an emergency fund, or other near-term expenditures. Savings accounts are a good place to keep money for unforeseen expenses, as well as money that you may be preparing to use and want to keep safe. Savings accounts offer depositors flexibility along with the stability of FDIC insurance (assuming your deposit amounts are within FDIC limits – see below).
