ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A savings account is a type of bank account that enables individuals to deposit money and earn interest on their balance while also allowing them to withdraw the funds as needed.

Detailed explanation-2: -A savings account is a type of bank account that allows you to store money in a secure place and earn interest on your deposits. Savings accounts also help to encourage saving since they typically come with higher interest rates than checking accounts.

Detailed explanation-3: -High-interest savings accounts defined Many traditional banks and credit unions pay even less. But a high-interest account, also called a high-yield savings account, earns much more-up to 10 times more in interest (or even more). Compare top savings accounts. Find a high-yield savings account with a great rate.

Detailed explanation-4: -All banks set interest rates on their savings accounts that usually vary from 2.50% per annum to 7.00% per annum depending on the amount of savings.

Detailed explanation-5: -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.