Page 132 - Key to Social Studies 4

Let’s Observe

There are many types of bank account that people can have. The following are two of them:

Saving Account

A saving account is an account you

can open at any bank to save your

money and gain interest.

A saving account helps you bene t

from the money you do not use, as it

will give you an interest based on the

amount of money you have in the

account.

Checking Account

A checking account is an account in

which you can deposit your money to

either save it or spend it, and you do not

receive interest on your money.

A checking account helps you keep

your money in one place and access it

at any time through automated teller

machines (ATMs), the internet, and bank

branches. Also, you can spend money

from your checking account directly

through a debit card.

130