Saving

Do you have a checking or savings account? With a Bank, Credit Union, Savings and Loan? Is the money in your checking account safe?

These are "banking" questions, where banking is a general term describing some sort of financial transaction with a regulated institution. It is important to know the type of institution with which you are dealing and how it is regulated.

Checking accounts allow unlimited deposits and easy withdrawals using checks. These accounts earn little or no interest.

Savings deposit accounts also allow unlimited deposits, but withdrawals are usually limited. The account typically earns greater interest than a checking account.

Certificates of Deposit are secure investments that exist for a specific time period (for example 6 months or 5 years). At the end of this time period, the money and accumulated interest is withdrawn.

Before choosing an account, please consider the following

• is the institution federally or state insured?
• are there fees attached to the account?
• what is the rate and how often is it compounded?