Savings Account

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A savings account is a type of bank account used to help people save money over time. Unlike checking accounts, which are typically used for day-to-day transactions, savings accounts offer a lower interest rate and may have restrictions on the number of withdrawals that can be made each month.

Savings accounts are often used to save for short-term goals, such as a vacation or emergency fund, or long-term goals, such as a down payment on a house or retirement.

Deposits into a savings account are insured by the Federal Deposit Insurance Corporation (FDIC) up to a certain amount, currently set at $250,000 per depositor, per insured bank.

Some savings accounts also offer additional features, such as online or mobile banking, automatic transfers, or rewards programs.

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