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What is Saving account?

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Saving account

Saving account is an interest bearing with no maturity date bank account that does not allow check writing. The main purpose of saving account is to accumulate funds and earn interest on the balance on depository institution or bank account. Once you open a saving account, a debit card will be issued to be used for electronic purchases or cash withdrawals. There could be a limitation on how much money you can withdraw per day and could require you to make a request at the counter to withdraw money that exceeds the limit.

This account is recommended to people who want to save money and earn interest with no intention or need to withdraw cash in the near future. Normally saving accounts include transaction fees on transfer or withdrawal.

Unlike checking account saving account does not allow check writing, however unlike checking account saving account earns interest on the balance funds. Saving accounts usually does not require minimum balance.