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Savings account is a account in which if we want a higher interest rate and need to make only a few transactions per month.
What is Savings account?
A savings account is a basic type of bank account that allows you to deposit money. You can withdraw your money from it, and most banks pay you compounding interest on the balance of these accounts. The purpose of a savings account is to provide a safe place to stash the money you're not using for regular expenditures. Many banks, credit unions, and other financial institutions offer savings accounts in addition to other accounts.
What are Alternatives to Savings Accounts?
Online Savings Accounts-Online- Only accounts are a great option for higher earnings and lower fees. The result of lower fees is that you can find many of the highest-yield savings accounts at online banks. Many online banks also allow you to get started with no minimum deposit, though some of the higher-yielding accounts require larger deposits. Money Market Accounts- Like savings accounts, money market accounts pay interest on your deposits and limit how often you can make certain transfers. However, they typically pay more than savings accounts, and it's easier to spend your money.
What interest?
Interest is the price you pay to borrow money or the cost you charge to lend money. Interest is most often reflected as an annual percentage of the amount of a loan. This percentage is known as the interest rate on the loan. For example, a bank will pay you interest when you deposit your money in a savings account
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