With the economy the way it is, we all need to create a nest egg to prepare us for the future. We can only predict what is in store for our future, our money situation, and our economy, but we cannot know for sure the true path of the future. A credit union or bank savings account is a smart way to save money and gain interest on it.

Rather than keeping money tucked away at home, a bank can assure that you're money is safe and not tampered with. Money in a saving account is insured. That is very important. Banks are FDIC insured. This means, no matter what happens, a fire, robbery, the bank closes, you're money is safe and accessible by you. The federal government is protecting you on this one.

Interest! Enough said. Who does not want free money? I know you do. Putting your money into a savings account yields you benefits. Those benefits come in the form of monthly payments on your account. The bank is giving you free money for putting your money into their bank. Interest rates range from bank to bank, but they do add up. The more money you have in your savings account, the more interest you will be racking up. The bank is basically using your money for loans and other expenses when you deposit it. This is the reason they offer interest on savings accounts. No need to worry, your money will always be available to you.

A big draw of opening a saving account is the fact that you will not be spending your money, or at least as easily. You have been trying hard to save your money, but with it sitting in your house and accessible to you it has become unrealistic. That moment of weakness has cost you your savings and you are left with that item you could have done without. It's better to not even put yourself into this type of situation. Store your money in a savings account, where you would actually have to leave your house and go inside the bank to get it. It gives you a lot more time to think about your decisions.

The one downside of a savings account is you cannot make repeated withdrawals from the account. If you do this, your bank may look at as using your savings account as a free checking account. They will warn you and may actually switch you over to a checking account if you do not follow their guidelines. This is not something to typically worry about and not all banks do this. You are putting your money is a savings account for a reason. You should not be making withdrawals of money on a regular basis at all; this would defeat the purpose entirely. If you look at it in the right light, it can be a benefit to you. This guideline may be what stops you from making withdrawals. It comes down to your needs and your level of resistance.

Putting your money in a secured savings account will be one of smartest things that you can do with your money today. Your money is protected and again you earn interest! So pull that envelope out from under your mattress and move it to safe savings account.