BANKING AFFAIRS

Detailed explanation-1: -While savings accounts are optimized for long term deposits, it is possible to make purchases with them. However, you may have to pay a fee or lose out on the interest rate for doing so. Always check the terms of your savings account before using it to make a purchase.

Detailed explanation-2: -Savings Account: Banks offering the facility of a Savings account do usually put a limit on the maximum number of transactions which a holder can carry out in a month. The permissible limit without attracting any charge is usually anywhere between 3 to 5 transactions per month (financial and non-financial).

Detailed explanation-3: -A savings account is a good place to keep money for a later date, separate from everyday spending cash, because of their safety, liquidity and interest-earning potential. These accounts are a great place for your emergency fund or savings for shorter-term goals, like a vacation or home repair.

Detailed explanation-4: -A savings account is an interest-bearing deposit account held at a bank or other financial institution. Though these accounts typically pay a modest interest rate, their safety and reliability make them a great option for parking cash you want available for short-term needs.