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A savings account is when you keep your money in a bank or credit union and earn interest. Interest is the money the bank pays you for keeping your money there. A savings account is a safe, convenient and affordable way to save your money. It's much safer to keep your money at a bank than to keep a large amount of cash in your home & you can access the money instantly whenever you need it. The higher the interest rate, the more money you'll earn. Banks offer competitive interest rates to lure the customers. Banks offer a variety of ways for you to save your money and earn interest. Like there is basic savings account for which the minimum requirement to be kept with the ban may be low. There are fixed rate saving account which will have to follow the same interest rate offered by the bank at the time of opening the account, even if it increases the interest rates after that, which is unlike so in the flexible rate savings account. Certificate of deposits is also one type of savings account where the interest earned can be much higher. There are Retirement savings account through which one can make small & steady savings for the after retirement period.
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