The purpose of a savings account is to provide a medium for people to stash money that they do not intend to use regularly in a safe place. Accountholders earn decent interest on the amount deposited in their account at a predecided rate that changes from time to time. The interest is paid on a timely basis can be from monthly, quarterly, or biannually to yearly. The best thing about a savings account is that one can withdraw total funds almost immediately and use it as and when required
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