Saving Money

What do banks do with the money you deposit?

They lend much of it to borrowers instead of leaving it sitting in the account.

Why is it important to compare savings account rates?

Because different banks pay different interest rates on your savings.

What should you consider when choosing a savings account?

What features you need, such as easy access, notice periods, or fixed terms.

Why do online banks sometimes offer higher savings rates?

They often have lower operating costs and can pass more interest on to customers.