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A Savings account is a type of bank account used for deposits and withdrawals of money saved for future use.

Benefits

A Savings account benefits the bank and the account holder. The bank benefits because it raises the level if deposits made into the bank. The benefit to the customer  is that the money deposited over a period of time can have financial benefits. The money in a savings account can pay for emergency expenses or help an account holder during a difficult financial period.

Types

There are different types of savings accounts. Some financial institutions offer a variety of options for customers to save money. Make sure that you talk to a bank representative about all the benefits of the different types. Make a decision on the type based on what is going to work best for your budget. Also make sure to check out the interest rates see which one is going to benefit you for the money that you are going to be putting into your account.





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