Savings account

Saving accounts are a type of deposit account kept by banks that pay interest. They let a person keep some of their money in the bank for immediate use. They also earn money through interest. Having a savings account in a bank allows a person to have money available for an emergency. Savings accounts may be opened at most banks, credit unions and trust companies.
The other major types of deposit account are the transactional account (usually known as a "checking" or "current" account), money market account and time deposit.