You work hard for your money, so when you have a little cash lying around, why not put it somewhere safe, like a bank savings account. By putting your money in a savings account, not only is your money safe, but also you may earn some interest on it. Each financial institution is different, so make sure you do your research before making a choice.

Banks will pay interest or APY (Annual Percentage yield) for the money you deposit. This rate is differs from one financial institution to the other and is paid by them for simply allowing your money to be used by someone else.