Intro to Banking
What is a bank?
A bank is a place where you can safely keep your money and manage it through different services. It helps you save money, pay bills, and even borrow money if needed. Think of a bank as your money’s “home,” where it stays safe until you need it. Banks also offer services like checking accounts (for spending) and savings accounts (for saving).
There are two main types of banks:
- Traditional Banks: These are banks that you can visit in person. Examples include Chase, Bank of America, or Wells Fargo. You can go to a branch, deposit or withdraw money, and ask for help.
- Online Banks: These operate mainly on the internet without physical branches. They might offer fewer fees or higher interest rates on savings. Examples include Ally Bank or Chime.
