A savings account is a type of bank account designed for individuals to deposit and save money while earning interest. Below are key features and benefits of a savings account.
Earn interest on your balance. Interest is typically calculated daily or monthly and credited periodically based on bank policies and market rates.
Add or withdraw money via branches, ATMs, or online. Monthly transaction limits may apply to promote consistent saving habits.
Some accounts require a minimum balance to avoid fees or qualify for perks. Requirements vary depending on account type.
Savings accounts offer flexible access to your funds, making them ideal for short-term goals or emergency needs.
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