Reported 7 months ago
Roughly 95% of Americans have checking or savings accounts, with savings accounts being a safe place to keep extra money for emergencies or major life events, insured up to $250,000 by the FDIC. While it's advisable to withdraw from savings for planned bills, purchases, debt payoff, or emergencies like medical bills, it's cautioned against withdrawing for economic uncertainties or impulse buys. Investing, moving to higher-yield accounts to combat inflation, and avoiding excessive withdrawals are suggested tactics for smart saving practices.
Source: YAHOO