A savings account is a type of bank account that allows you to safely store your money while earning interest on it. When you deposit money into this account, the bank pays you a small percentage as a reward for keeping your funds there. This makes it a great option for saving for future goals, like a vacation or a new car. Unlike a checking account, which is used for everyday spending, a savings account is designed for longer-term savings. You can easily access your money when needed, but it encourages you to keep your funds saved up. Overall, it's a smart way to grow your money over time.