Savings accounts are bank accounts where you can enter some funds and receive interest from them. Typically savings accounts are saving in order to meet certain short-term targets, e.g. buying of a house in cash or a new car. These savings can also be saved to help with the long-run objectives such as funding a retirement plan or education of a particular child. Savings account usually has relatively lower interest rates compared to other account such as certificate of deposit (CDs). On the other hand, however, they have their advantages. In addition, you do not pay a penalty to make a withdrawal anytime from your savings account. 

There are various kind of saving accounts.

• Regular savings accounts: This is the most common form of savings account. These are usually charged at a very low interest rates, often with no fees involved.
• Money market accounts: Such accounts generally pay more interest as compared to regular savings accounts but might charge higher fees as well.
• High-yield savings accounts: They have the highest interest rates for saving accounts and their fees are high too. 

Here are some of the benefits of having a savings account:

• Earn interest on your money: Interest is usually paid on savings accounts for the money deposited into them. In other words, your money is going to multiply over time.
• Save for your goals: These savings accounts also have deposit features that allow depositors to save money for certain purposes like down payments on houses and cars.
• Access to your money: You have the ability to access you savings account without penalties. This is vital when there is an emergency.
• FDIC insurance: FDIC insures savings account of up to $ 250,000 per depositor, per insured bank. The money you deposit in such banks is secure from loss, especially when the bank failed.