Simply put a savings account is a bank account that accumulates interest based on the deposited amount.

Pros and Cons of Savings Accounts:

Savings accounts are a simple and safe way to invest money.  They are typically held at banks and you can deposit and withdraw funds at will with no penalty.

Savings accounts tend to have a low rate of return due to the nature of the investment.

They can be linked directly with checking accounts for ease of use.

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