What is a Savings Account? - ProProfs Discuss
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What is a Savings Account?

Asked by Tlisum, Last updated: Aug 24, 2021

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2 Answers

V. Barnes

V. Barnes

V. Barnes
V. Barnes

Answered May 10, 2018

A savings account is an interest-earning deposit account held at a bank or another financial institution that gives the modest or upright interest rate. Bank or any other financial institutions may limit the number of withdrawals to make from a savings account each month and might also request for some extra fees unless you maintain a certain average monthly balance in the account.

As it implies, the Savings accounts are opened to save money that is not planned to be used for daily or regular expenses.

One of the biggest advantages of a Savings account is that it’s one of the most liquid investments outside of demand accounts and cash.

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tlisum

tlisum

tlisum
Tlisum

Answered Sep 15, 2017

A bank account you put money into for future large purchases.
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