ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Savings accounts offer one of the simplest ways to earn interest on the money you have. They offer higher interest rates than a regular checking account, while still making it easy to spend and withdraw money.

Detailed explanation-2: -Withdrawal limits on savings accounts Yes, you can take money out of your savings account anytime; however, some financial institutions may only allow you to make up to six “convenient” transactions per month before they charge a fee. What’s considered “convenient” is defined by your specific bank.

Detailed explanation-3: -Interest on savings accounts is the amount of money the bank or building society pays the depositor for keeping their money in the account. You’ll be paid either a fixed or variable rate of interest. Fixed interest means you’ll be paid at a set rate which won’t change during the term of the account.

Detailed explanation-4: -Debit cards If you open a savings bank account and are able to sign (as against using a thumb print), most banks give you the option of using a debit card. A debit card allows you to withdraw money from their Automated Teller Machines (ATM) any time of the night or day, all through the year.