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Banking 101: What is a Bank Account? Easy Peasy Finance for Kids and Beginners

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care of wall street what

what is a bank account when you want to

keep your money in a bank

you open an account in your name with

the bank

this way the bank can tell that the

money belongs to you

you deposit money into the bank account

when you want to add money

and withdraw money from the bank account

run you need to use the money

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it's free why would i use a bank account

a bank account is a great place to store

your money safely

you can use your bank account for saving

money for large purchases

making payments using a debit card or by

writing checks

paying bills online and more how

safe is the money in a bank account most

banks are fdic insured

if you open a bank account with an fdic

insured bank

your money is 100 safe up to 250

000 you would not lose it even if the

bank closes down or goes bankrupt

click the link in the description to

learn more about fdic insurance

are there different types of bank

accounts

there are mainly two types of bank

accounts checking accounts which pay

very little or

no interest and are used for day-to-day

transactions

like writing checks bill payments etc

and

savings accounts which pay a higher rate

of interest

and are used for saving up money for the

future to learn more about checking and

savings accounts

click the video on your screen thank you

very much wall street willy

you're welcome super cooper remember

finance is your friend

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