Savings accounts are often bashed for their low interest rates, but they in reality they provide a save haven for your hard earned money. The economy has been in turmoil for the past several years, and despite signs of improvement most people are still unsure if the improvements are here to stay. Inflation is always a concern, but the past couple years have been nearly inflation free, and that could very well continue into the next few years as well. While interest rates on savings account aren’t exactly at peak levels, they do provide a return that is virtually risk free.
I still remember my very first savings account. The bank offered a free piggy bank with signing up, which was perfect consider I wasn’t even a teenager yet. The bank is long gone, but my pension for saving is not. I learned at a young age about saving saving money responsibly and it has served me well throughout life. I know the benefits between a savings and money market account, the features I want included with my savings account, and the financial benefits received. That being said, finding the right bank now a days can be a bit more difficult than it used to be.
If you are looking for a safe haven for your money then a BM savings account would help you. The benefits of their accounts go on and on. They offer accounts that provide tax free havens. Also, they provide easy access to your money without penalty, a feature that is becoming increasingly more difficult to find at other banks. They tie their rates to fixed rate bonds, so you know exactly how much interest you will earn in advance, which takes the guesswork out savings.
You can no longer rely on your respective government to take care of you in retirement. Pensions, social security, these are becoming a safety net of the past. Medical expenses are rising at an alarming rate, and insurance premiums seem to be going up every year and covering less to boot. Mortgages might always be available, but the term years and low rates won’t always be as favorable as they are now, nor will the low amounts of money that the buyer needs to be put in. If you want to thrive financially you need take responsbility for your own finances and start putting away your financial security into a savings account today!