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Benefits of Savings account
A savings account allows you to get monetary return on funds you have saved for future needs through the interest rate. Interest rates can be compounded on a daily, weekly, monthly, or annual basis. Savings accounts vary by monthly service fees, interest rates, method used to calculate interest, and minimum opening deposit.
- Easy Access: Savings accounts offer easy access to your cash. In other words, your money is liquid and can be easily withdrawn with cheque book or debit card.
- Bank Savings account grows your money: When you have money in a bank savings account, your money earns interest. This is a nice feature. Your bank savings account pays a rate of return on all the money in the account. That means that you get "paid" for keeping your money in the account. If you were not going to use the money anyway, then getting paid a little is better than nothing. When you have money in a bank savings account, your money earns interest. This is a nice feature. Your bank saving when you have money in a bank savings account, your money earns interest.
- Savings account keeps your money safe: The safest thing to do with your money is to put it into a savings account. If you carry the money around with you, you might lose it. If the money is under your mattress, your house could burn down or be robbed. However, if the money is in a bank savings account, your banking institution is responsible for the safekeeping of that money. If the bank burns down, your money won't go with it, and any reputable bank will not just lose your savings.