type of account maintained by retail financial institutions
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.
- ↑ "Banking: Savings Accounts 101". Investopedia, LLC. Retrieved 13 November 2015.
- ↑ "Savings account basics". Ontario Securities Commission. Retrieved 13 November 2015.