A savings account is a type of bank account designed for individuals to save money for the long term. When opening a savings account, money is deposited into it, and interest can be earned on the saved balance.
These accounts are ideal for storing funds earmarked for future goals, such as emergencies, major purchases, or personal projects.
Savings accounts typically offer flexible deposit and withdrawal options, with online access and debit cards to facilitate savings management. They are a valuable tool for encouraging saving and ensuring long-term financial security.
