A savings account is an account on which you save money at a bank. The bank reimburses interest on the money you save. How much interest you get differs per bank and per savings account. In the article below you can read exactly what a savings account is and how a savings account works exactly.
Savings account – Free withdrawable or not?
The most common savings accounts are freely withdrawable savings accounts without restrictive conditions. You decide how much and how often you save and you can withdraw the saved money at any time. There are also savings accounts that have special conditions. For example, you have to save a fixed amount per month. Or you get a bonus interest if the amount is in the account for a certain time. These savings accounts often offer a higher interest rate than the freely withdrawable savings accounts of the same bank.
How does a savings account work? – Withdraw and transfer money
A savings account is always linked to a contra account. Usually that is your checking account. If you want to withdraw money or transfer it to someone else, you first transfer it to your contra account. Then you withdraw the money from your contra account or transfer it to someone else. At most banks you determine yourself which account you specify as a contra account. The bank charges costs for this mandatory payment account.
Special savings accounts
In addition to the regular savings accounts, some banks offer savings accounts for specific target groups. Think of children’s savings accounts or business savings accounts. In addition, some banks have savings accounts on which you save for a supplementary pension, the so-called bank savings account.
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