Savings account is a type of account offered by retail
banking institution for initiating retail saving. The main feature of this
account is the person can earn interest on the money kept in account. A person
availing savings account save a part of their earnings and also get little
monetary gains. They also have withdrawal facilities associated to spend the
saved up money by means of a debit/ATM card, withdrawal slips. Due to variation
in banking laws among countries they can have a checking facility. Checking
facility enables customer to use the account as medium of exchange by mode of
cheque.
Summary:
Savings Account is promoted by agencies to build up a habit
of saving among individuals. This enables to save up for the times of need.
Balance in a savings account gives you a strong financial footing.
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