Savings account is an interest-bearing account.

Depending on your country and bank, savings account can be:

• an account with the same conditions and permissions as checking account or current account that earn interest on your money
• an account like checking account or current account that earn interest on your money, but with some limits in conditions and permissions - like not more than 6 or not more than 500$ withdrawals from ATM per month
• an account like a mix between checking account or current account and deposit account – some amount should be kept in it for earn the interests (minimum balance) and all other money can be operated like in common checking account or current account.

The interest rate of your savings account depends on the bank, the amount, the currency, etc. but usually it lower than rates for other interest bearing accounts. You can earn more interest if you open a deposit account, but the savings account keeps your money safe and give you quick access to your funds in case of an emergency.

Some banks propose different types of savings accounts with different conditions like minimum amount, minimum term, regular monthly depositing, etc.

In some countries, savings accounts don’t allow making payments, withdrawing cash from ATM and cannot be opened without a checking account or current account. You can use savings account (if it is opened with current account) for temporary keeping free money.