Saving Account Must Read

Savings accounts typically start with basic savings plans. People use savings accounts to set aside money for safekeeping and potentially earn interest or benefits from their bank for doing so. If you have smaller amounts to save and just want to put the funds in account that is separated from their checking account would look to basic savings. A deposit account intended for funds that are expected to stay in for the short term. A savings account offers lower returns than the market rates.

Types of Savings accounts

Bank account
A fund that a customer has entrusted to a bank and from which the customer can make withdrawals; "he moved his bank account to a new bank"

Deposit account
A savings account in which the deposit is held for a fixed term or in which withdrawals can be made only after giving notice or with loss of interest

Dormant account
A savings account showing no activity (other than posting interest) for some specified period; "the dormant account reverted to the state under escheat laws"

Passbook savings account
A savings account in which deposits and withdrawals are recorded in the depositor's passbook

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