A savings account is a type of bank account that allows individuals to deposit money and earn interest on their balance. It is designed for saving rather than daily transactions, making it a safe place to store funds while still earning a small return. Most savings accounts have a limit on the number of withdrawals you can make each month. These accounts are typically offered by banks and credit unions, and they often require a minimum deposit to open. The interest rates on savings accounts can vary, but they are generally lower than other investment options. However, they provide easy access to funds when needed.