https://www.confiduss.com/en/banks/account/savings/ Savings accounts

A savings account is a deposit account opened with a bank or other financial institution. This type of account is interest-bearing, which means you earn a certain amount of interest by holding your cash on it. Compared to other accounts, this account type is flexible in terms of the number of transactions and the amount of funds invested, and does not have a specific end date. In addition, management fees and transaction costs are much lower than other account types. Unlike trading or merchant accounts, savings accounts are not intended for active use. They usually hold recurring loan payments over a period of time, at the end of which the entire amount saved and the interest payments are debited to a checking account.

Features of Savings Accounts
As the name suggests, a person opens a savings account when they have excess funds and want to save them for the future. Such an account is used for cash that is not intended to be spent immediately and can serve as a long-term investment. Banks typically use these savings to fund other interest-bearing loans. Therefore, if the account holder wants to withdraw funds immediately, they may have to pay a transaction fee as banks often take some time to refinance.

One of the main reasons savings accounts are preferred over other banking services is the fact that they pay interest. This not only allows you to invest part of your income as private savings, but also to generate an additional monetary return. However, the banking sector has been affected by the persistent phase of low interest rates, especially for services such as savings accounts. That said, if your primary goal is to earn interest, it might be worth considering another financial service.

Savings accounts are easy to open at most banks, although the cost varies by bank. The best way to use your savings account is to set up an automatic payment into the account every month or at another, more convenient interval. It's important to weigh the reasonable amount of money that you can set aside each month and end up not being able to withdraw.