What are savings accounts?
Saving accounts are accounts with financial institutions where you can place your savings and earn interest on the money you deposit. A savings account can help you save up by restricting the ease of access to your money and reduce the chances of purchasing an unnecessary item.
You also get interest on your money. Depending on your account type, this maybe paid once a month or even once a year unlike term deposits which are generally paid at the end of the fixed term. The amount paid to you will be a percentage of the money you have invested.