|SUBSCRIBE TO MONEY| Smart banking and saving basics It's all
about saving the money you earn by banking smart, and using your
banking for financial growth. In Lesson 3 1. Money in a bank
account is safe. A bank is one of the safest places to stash
your cash. In the wake of the financial crisis of 2008, the
federal government increased the level of insurance on bank
accounts -- it's now $250,000 per depositor. 2. You pay for the
convenience of a bank account. Banks generally pay lower rates
on interest-bearing accounts than brokerages and mutual fund
companies that offer check-writing privileges. What's more, bank
fees can be high -- account costs can easily add up to $200 a
year or more unless you keep a minimum required balance on
deposit. 3. Inflation can eat what you earn from a bank. Even at
a low rate of inflation, the annual creep in the cost of goods
and services usually outpaces what banks pay in interest-bearing
accounts. 4. Not all interest rates are created equal. Banks
frequently use different me