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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