A savings account is a type of bank account designed for individuals to securely deposit and store their money while potentially earning interest on the deposited funds.
It serves as a low-risk place to accumulate savings and allows easy access to the funds when needed.
Savings accounts from Chip.
Savings Account Example:
For example, let's say you open a savings account with a UK bank. You can deposit your money into this account, and the bank may pay you interest on the balance. The interest rate may vary depending on the bank and the type of savings account you choose.
Savings accounts offer a convenient way to keep your money safe while earning a return on your savings.