SAVINGS DEPOSIT

Savings account or savings deposit are the account in which the money is deposited by customers not for recent use. A savings account is also a deposit account of a bank or credit union which pays interest on our balance though some of the institutions require that we should have at least a minimum amount in the account to qualify for earnings.

We can deposit and withdraw from savings accounts as for our wish, but we can't transfer money from the account directly to other people or firms.

While savings accounts typically pay interest at a lower rate than other bank accounts, that may not always be the case. Savings accounts are insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Share Insurance Fund.