An account in a bank or any financial institution is a place where you can safely keep your hard-earned money. A savings account is a type of account where you can save your funds and earn interest on it. You can withdraw cash from this type of account whenever you want to. Anyone above the age of 18 can open such an account. However, financial institutions have also come up with minors’ accounts that parents, or guardians can open. In this article we would provide what is Savings Account is and how does it work exactly?
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What Is A Savings Account?
Before proceeding to know how a savings account works, let us first understand what a savings account is.
A savings account is the type that provides interest on your deposited funds at any bank or financial institution….