Savings account

Saving accounts are a type of deposit account kept by banks that pay interest. They let a person keep some of their money in the bank for immediate use. They also earn money through interest. Having a savings account in a bank allows a person to have money available for an emergency.[1] Savings accounts may be opened at most banks, credit unions and trust companies.[2]

The other major types of deposit account are the transactional account (usually known as a "checking" or "current" account), money market account and time deposit.

References
  1. "Banking: Savings Accounts 101". Investopedia, LLC. Retrieved 13 November 2015.
  2. "Savings account basics". Ontario Securities Commission. Retrieved 13 November 2015.
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