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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. 
Typically financial institutions offer two distinct types of savings accounts; a basic savings account & a money market account. Basic savings account require little or no minimum to open and generally will earn very little interest. Money market accounts generally require a minimum deposit, which is higher than that of a basic savings account, however it will offer higher interest rate.
Savings account benefits:
· No or low minimums to open
· Easy to access your money
· Convenient
· Online banking options
· FDIC insured so your money is safe
A money market account is usually a high-yield, meaning it will pay you a higher interest rate than the basic savings account. Like the savings account, money market accounts keep your money liquid, meaning you can access it anything you need it. Some banks, however, do limit you on the number of transactions per month, so be sure to pay attention to this factor when comparing banks. Also, with money market accounts, there is a minimum deposit to open this type of account
Whichever type of account you decide to open, a savings account can be a safe place to build and keep your emergency/vacation money. A way better solution than keeping it in your piggy bank.
There is one more option, an online high yield savings account. With benefits ranging from higher interest rates (some up to 6%), faster processing times, convenience, cost, and lower fees than your traditional bank, but high yield accounts deserve more than just a paragraph…
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Savings Account 
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