Can you make purchases with a savings account?

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Can you make purchases with a savings account?

Rounding it up

  • Savings accounts are a smart place to store your money because they often come with higher earning interest rates.

  • Banks offer interest on savings accounts because they use those funds to give loans.

  • While savings accounts are optimized for long term deposits, it is possible to make purchases with them.

  • However, you may have to pay a fee or lose out on the interest rate for doing so. Always check the terms of your savings account before using it to make a purchase.

7 min read

Jordan T. Hedberg
#savings account#interest#savings#high interest

Jordan T. Hedberg

Jordan is a former Broker and current community newspaper Publisher. When he is not researching and exploring the financial world he can be found raising grass-fed beef and goats in the Colorado Wilderness.

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