A savings account is a financial instrument held with a bank where accountholders deposit money in their account and earn modest interests on it. People prefer these accounts because of their ease of use, safety, reliability, and liquidity. One can deposit money without any limitation and withdraw when required.
The purpose of a savings account is to provide a medium for people to stash money that they do not intend to use regularly in a safe place. Accountholders earn decent interest on the amount deposited in their account at a pre-decided rate that changes from time to time. The interest is paid on a timely basis can be from monthly, quarterly, or biannually to yearly. The best thing about a savings account is that one can withdraw total funds almost immediately and use it as and when required.