This is an interest-bearing account designed to encourage traders and individuals to save and earn interest on the cash deposited in the account. It’s very safe and reliable for a good option of saving cash that you may need in a short and long term bases.

KEY TAKEWAYS

1. Because savings accounts are easily accessible, they are a good option for savings to cater for emergency situations.
2. You earn interest over time, meaning your money will grow.
3. Easy Access to your funds; this account is an account that gives you an option to keep your money invested while also allowing you to use the funds as and you want.
4. It Cushions against sudden job loss. You may have a good job now, but what if you were to lose that job?
5. Helps finance those big-ticket items and major life events
6. It limits debts; after saving for some time, it will help you to defray some debts in life.
7. Helps prepare for retirement
8. It can qualify you for a loan from the bank