Banking is an important aspect in one’s life. You need a bank to keep your finances safe and secure and access your funds whenever you want to. When you open a new account, you are sure that the bank will provide the necessary service you require in handling your funds. It is a simple and secure process.
People want their money to grow, not literally grow on trees but increase in money. For this reason, people tend to use different strategies like instituting a business or getting a job. The initial step, however, remains the same; opening a bank account and a saving account at a financial institution. These days there are some common misconceptions about checking and savings account. However, there are key differences in both of them. One main difference is that your checking account is for your regular use whereas a “saving” account is for saving money to be used at a later time when you need it.
Banking has also changed its course over the time. From a paper check to wireless and contactless payments, we have grown a lot in the last century. Take a look at the following infographic for more details.
Infographic by: visualcapitalist