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Right
 A piggy bank at home can’t give you interest. Interest is extra money you earn from the bank when you keep your cash there. So open an account with a savings bank. If possible, find one that:
- Doesn’t charge monthly fees or ask for a minimum balance.
- Has a good interest rate. When comparing interest rates, be sure to consider how often interest is compounded.
- Is conveniently located.
- Is insured by the FDIC (Federal Deposit Insurance Corporation).
For Those Interested in More Interest
The longer money stays in most bank accounts, the more interest it can earn. If you have enough money put aside and are willing to leave it untouched for awhile, these two options might give you an even higher interest rate:
- A Certificate of Deposit, or CD
- A Money Market Account
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