Savings account

A savings account is a bank account at a retail bank whose features include the requirements that only a limited number of withdrawals can take place, it does not have cheque facilities and usually do not have a linked debit card facility, it has limited transfer facilities and cannot be overdrawn. Traditionally, transactions on savings accounts were widely recorded in a passbook, and were sometimes called passbook savings accounts, and bank statements were not provided; however, currently such transactions are commonly recorded electronically and accessible online. People deposit funds in savings accounts for a variety of reasons, including as a safe place where to hold their cash. Savings accounts normally pay interest. A number of countries require savings accounts to be protected by deposit insurance and some countries provide a government guarantee for at least a portion of the savings account balance.