What is a bank savings account?

I do not understand what a bank savings account is. I would appreciate it if someone could explain to me in detail what a bank savings account is. Also, what can the money in your bank savings account be used for? Do you get a card to put in and take money out of your bank savings account? What do most parents use their child's bank savings account for?

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Business

Hugh Bartlett

5 August, 19:02

What is a bank savings account?

I do not understand what a bank savings account is. I would appreciate it if someone could explain to me in detail what a bank savings account is. Also, what can the money in your bank savings account be used for? Do you get a card to put in and take money out of your bank savings account? What do most parents use their child's bank savings account for?

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Cayden Mayer · Answer 1

A bank savings account is one simplest type of bank account. It allows you to keep your money safely while earning through interest per month. Money in a savings account is useful for emergencies since they are insured. You also get a card which enables you to withdraw or deposit money into your account. Parent's usually take this type of account for their children for future purposes.