What is a Savings Account? What Are the Types?

Savings account is a safe and sure way to build a corpus over time. The rates of interest are not staggering, but they are realistic all the same. With a savings account, you can save money for college education, maintain an emergency fund for unexpected expenses, and get overdraft protection related to checking account. Besides, you can also have ready money for the expenditures related to purchase of car, vacation, or a home.

Here are some types for those interested.

Euro Savings Account

If you are working anywhere in Europe or own a property is in the continent, opting for Euro savings account surely makes sense. This ensures cash return long term and higher rates of interest because of Euro being a substantially strong currency.

Health Savings Account Banks

Save for health issues on a long-term basis, with health savings account in banks. For 65 years old account holders can use the money for any purpose they want irrespective of their health conditions. These accounts provide ready money for an expansive range of treatments and procedures including acupuncture or optometric visits.

Medical Savings Accounts

Any medical plan that combines medical insurance high deductible protection with savings tax-deferred account is the Medical Savings Account. Many times, your employer may offer this kind of saving option. Let your money grow completely protected from taxation issues with this fantastic option. Now dealing with healthcare or medical problems no longer remains worrisome because you have ready money available in an ideal place.

Orange Saving Account

Orange savings account can be dreams come true for any investor. It offers are completely safe option to let your money grow at a high interest rate. It gives you a chance to get some extra returns after the first year of opening the account.

Business Savings Account

Business savings account gives you a chance to earn balance interests and have ready access to money wherever needed. From small businesses to established companies, everybody can benefit from this kind of account. Start-up businesses can grow from the scratch and established ones can keep a substantial corpus ready for big investments with such an account.

Savings Accounts for Children

Inculcate the habit of saving in children from young age with bank saving accounts especially for them. There are maintenance fee for such accounts. After the child turns 18, such accounts automatically turn into standard ones.

Student Savings Account

Student savings account allow goal saving options, which the students can use for specific expenditures such as using money for some trip, vacation, or purchase.