What is Saving Account ?
A savings account is a type of bank account that allows you to save money while earning interest on your deposits. With a savings account, you can deposit money and earn interest on the balance over time. The interest rate and minimum balance required to open a savings account vary depending on the bank or financial institution.
Savings accounts are a popular option for people who want to save money for a specific goal or emergency fund, as they offer a safe and secure place to store your funds while earning interest. Some savings accounts also come with features such as online banking, mobile banking, and automatic transfers, making it easy to manage your savings and monitor your progress towards your savings goals.
It’s important to note that savings accounts are typically designed for short-term savings goals and may not offer the highest interest rates compared to other investment options such as stocks, bonds, or mutual funds. However, savings accounts are considered low-risk and can provide a stable and reliable way to save money for the future.