Definition: This is the name to a type of bank account used by a person who wants to safely store their money over a long period of time, earning interest during that process.

Question

Social Studies

Gilbert Reeves

2 November, 14:34

Definition: This is the name to a type of bank account used by a person who wants to safely store their money over a long period of time, earning interest during that process.

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Answers (2)

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Baron Villanueva · Answer 1

Savings

Explanation:

The amount of saving you put in a bank is considered as Safe because it's insured by the Federal Deposit Insurance Corporation. Meaning that if your money is gone from the bank because of natural disasters or robbery, The Federal Deposit Insurance Corporation will replenish that lost amount for you.

Saving account does earn you interest, but it's very little compared to other types of investment accounts. On average, the interest that bank provides for saving account is only around 0.09% per year.