Your Bank

Chances are you are more than familiar with your bank and might even have multiple checking and savings accounts. But do you know the best way to get the most out of your bank? If not, keep reading.

Let’s start with accounts. It’s vital to make sure your money is working for you. That means looking closely at your current financial situation. You should also be familiar with the various types of products banks offer – not only to help you save money to pay your expenses but also to help you grow your money over time. Many of these points are covered in Save Lesson III.II: Savings Options but this Mint.com guide offers an explanation of savings account basics, as does this Project Money tip sheet (Word doc). See this Bankrate.com section for a refresher on different types of checking accounts.

It’s important to have an account that earns interest (even if the interest rate is fairly low). To understand interest rates and how they work, see the Federal Reserve Bank of New York’s Interest Rates: An Introduction. To compare interest rates try using Deposit Accounts or Bankrate.com’s tools. Be sure to read the fine print: Many of these accounts come with stipulations and fees that kick in if you don’t meet certain requirements.

Look for savings institutions that are insured by the Federal Deposit Insurance Corp. (FDIC) or the National Credit Union Administration. Most “name brand” banks are FDIC-insured, but to find a full list of FDIC-insured institutions use the FDIC’s Bank Find. To find the equivalent for credit unions go the NCUA’s Find a Credit Union search engine.

Also, see the Protect Lesson, which covers how to protect your assets.