Where can I open a savings account?
You should shop around for a financial institution that meets your needs. Look for a bank or credit union that is close to your home or work, open during the hours you need it to be and charges low or no fees for a savings account. Banks and Community Development Credit Unions (CDCUs) are the safest and most affordable places to open savings accounts. Banks that offer online banking, make managing your finances very easy.
What's the difference between a bank and a Credit Union?
Banks store your money, and allow you to have easy access to it by writing checks or using ATM and debit cards. Banks insure your money with The Federal Deposit Insurance Corporation, which protects your account up to $100,000 if the bank goes out of business. There are banks all over the country.
Credit Unions work like banks, but are nonprofit organizations. This means that you are more likely to get a loan, and get it at a better interest rate. Credit Unions are created for specific groups of people, like government employees or college graduates. Another kind of credit union, a community development credit union (CDCU) primarily serves low-income communities. Anyone living or working in those communities can join the CDCU serving that area. CDCUs are located in more than 300 urban and rural areas across the United States.
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