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Savings account

From Simple English Wikipedia, the free encyclopedia

Saving accounts are a type ofdeposit account kept bybanks that payinterest. They let a person keep some of theirmoney in the bank for immediate use. They also earn money through interest. Having a savings account in a bank allows a person to have money available for an emergency.[1] Savings accounts may be opened at most banks,credit unions andtrust companies.[2]

The other major types of deposit account are thetransactional account (usually known as a "checking" or "current" account),money market account andtime deposit.

References

[change |change source]
  1. ↑"Banking: Savings Accounts 101". Investopedia, LLC. Retrieved13 November 2015.
  2. ↑"Savings account basics". Ontario Securities Commission. Retrieved13 November 2015.
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