What is a Savings Account?

By definition: A Savings Account is an account maintained by a customer with a depository institution that earns interest. Funds deposited in a savings account may be withdrawn only by the account owner or another person signed on the account or authorized to access the account. The account may be owned by one or more persons. Some accounts require funds to be kept on deposit for a minimum length of time, while others permit unlimited access to funds. Some savings accounts have a minimum balance.

This is a good way to make money on the money you are not using with no risks.

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