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Savings accounts
Savings accounts are a popular method of saving money and earn interest rates. These accounts are typically insured through the federal government, which makes them a safe option. They provide liquidity, allowing for easy withdrawals as well as transfers. Many banks now offer online banking to savings accounts that make it easier to manage your finances. Certain savings accounts might require the submission of a minimum balance and provide more APY (Annual Percentage Yield) when deposits are larger. Transfers may also be available for those in need of quick cash.