How Do Savings Accounts Work?

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The money in a savings account is liquid, but it's important to note that savings accounts have different rates of interest. Find out why savings accounts pay a lower rate of interest than investments or CDs with help from a registered financial consultant in this free video on money management and personal finance.

Part of the Video Series: Money Management
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Video Transcript

This is financial adviser Patrick Munro, talking about, how do savings accounts work? Savings accounts are important in every country in the world. America is a country that does not save as much as other countries, but when an individual from their own endeavors, receives money, they place it with a financial institution, in the form of an account, in this case, a savings account. That account is liquid. You can take money in, and take money out, at any time of your choosing. It does pay a lower rate of interest, than say an investment, such as a money market account, or a certificate of deposit, so it's important to know that savings accounts have different rates of interest, that you are able to achieve, and if you want the best rate of interest on your savings account, you may want to go to bankrate.com, on the internet, to look at what the tops rates that are available, for your savings account. This is financial adviser Patrick Munro, talking about, how do savings account work?

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