What is a Savings Account and why you need it?

What is a Savings Account and why you need it?

A savings account allows you to store your money safely in the bank while earning minimal interest.

The bank pays you some interest to keep your funds deposited.

Most savings accounts have a significantly low minimum balance required.

A major advantage of savings accounts is that they're safe from volatility.

A savings account helps you maintain everyday spending, keeping cash that's meant for a later date safe.

Savings accounts don't lose money. With such an account, your balance will only go up making it very low-risk.

Most savings accounts are easily accessible at any point in time through an ATM.

It is important to note that banks limit the number of certain transfers from a savings account online or by debit card.