The purpose of a savings account is to keep money now to be used later. Savings accounts provide a secure place for individuals to deposit their money and accumulate funds over time.
What does a savings account do?
They offer a safe and easily accessible way to save money while earning interest on the deposited amount.
These accounts are typically used for setting aside funds for future needs, such as emergencies, planned expenses, or long-term financial goals, rather than for immediate spending or daily transactions.
Hence the first option is correct savings account helps to keep money now to be used later
question
What is the purpose of a savings account?
to keep money now to be used later
to avoid the need for a budget
to prioritize spending
to pay for fixed expenses