I’m a bank teller: 4 reasons you should withdraw your savings right now

Roughly 95% of Americans have either a checking or savings account, according to the Federal Deposit Insurance Corporation (FDIC). For many people, a savings account is a great place to keep extra money for a major life event, like a wedding or home purchase, or emergencies.

Savings accounts are generally FDIC-insured up to $250,000, meaning your money is protected against bank failure. The funds are also still accessible but separate enough from your checking account to where you’re less likely to use them for everyday expenses.

Still, as useful as savings accounts can be, there is a right time to withdraw the funds. If you’re thinking about withdrawing the money from your savings account, here’s when you should do it — and when you shouldn’t.

 

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