Question

What is a bank savings account?

I do not understand what a bank savings account is. I would appreciate it if someone could explain to me in detail what a bank savings account is. Also, what can the money in your bank savings account be used for? Do you get a card to put in and take money out of your bank savings account? What do most parents use their child's bank savings account for?

Answer 1

 A bank savings account is one simplest type of bank account. It allows you to keep your money safely while earning through interest per month. Money in a savings account is useful for emergencies since they are insured. You also get a card which enables you to withdraw or deposit money into your account. Parent's usually take this type of account for their children for future purposes.