A savings account is a type of bank account where you keep money that you do not plan to spend immediately. It offers two main benefits:

• Interest: The bank pays you a small amount of money in return for keeping your funds with them.
• Safety: It provides a secure place to store your money, usually protected by financial regulations.

These accounts are meant for long-term saving rather than daily spending. While you can take money out when needed, some banks may limit how often you can withdraw or charge a fee if you do so too frequently. By holding these deposits, banks are able to lend money to other people and businesses, which helps the economy grow.