Savings Account

A savings account is a type of account that is specifically designed to encourage saving. As banks use the money deposited by their customers to make loans to other people, savings accounts generally attract a high rate of interest on the current balance in return for allowing the bank to use this money for loans.

Access to the money held in savings accounts is generally restricted, so you will not be able to write a cheque against your savings account or draw on it directly by using a debit or credit card.