Managing a Savings Account

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

Keeping track of your savings account

woman looking at her bank statement

As you withdraw or make deposits, keep track of the amount of money remaining in your savings account. Your bank or financial institution will send you a monthly statement or list of the various withdrawals and deposits made on your account. If you have an ATM card, you can also access this type of information at an ATM.

To help you keep a current record of your savings account, some banks issue a passbook.

When your bank statement arrives, compare it with your passbook. Determine the amount of money you deposited, the amount you withdrew, and the amount you have left. If you bank online, you can also access and track your savings account information online.

To earn the maximum interest on your savings, limit the amount of withdrawals you make from your savings account.