Savings, Money, Finance, Specialist

Savings Accounts

Savings accounts are accounts provided by commercial banks, savings associations, and mutual savings banks that pay interest but cannot be used directly as money (by, for example, writing a cheque). The savings accounts let customers set aside an amount of their cash assets that could be used to make purchases while earning a compound return.

Obtaining funds held in a savings account may not be as convenient as from a current account. as one may need to visit an cash machine or local branch, instead of writing a cheque or using a debit card. However, this process is so easy that savings accounts are often termed instant money.

Many savings accounts require funds to be kept on deposit for a set length of time or minimum period, depending on the term may be reflected in the interest rate offered, but most however permit unlimited access to your savings. True savings accounts do not offer cheque book privileges, although many providers will call "savings accounts" their higher-interest demand accounts or money market accounts.

All savings accounts offer itemized lists of all transactions, traditionally through a passbook, but also through a regular bank statements. Once interest is awarded it is Guaranteed providing you meet any conditions set out by the bank.