Savings Accounts
01.Money at Rest
A savings account is the opposite of a checking account. It is designed for money you want to keep 'at rest' for the future. You don't get a debit card for your savings account, which makes it harder to spend that money on a whim!
02.Earning Interest
Banks want you to keep your savings with them. In return, they pay you a small fee called interest. It's like rent that the bank pays you for using your money! Even if it's just a few cents a month, it's free money just for letting your savings sit safely in the bank.
03.Emergency Funds
A savings account is the perfect place to put your rainy-day fund. By separating your spending money (checking) from your savings money, you protect your savings from accidental spending.