Managing a Savings Account

Use these savings account tips to better understand how to manage a savings account.

Deciding how to save

man at desk with image of money in background

Having a savings account in a bank or other financial institution allows you to keep your money in a safe place and earn interest on it.

It's recommended that you save 10 percent of your income each month. Before you decide how much to save, review your budget, financial goals, and objectives. (Look at your goals worksheet and budget from earlier in this tutorial.) Once you decide on a savings plan, consider the three main types of savings accounts: