What is a savings account?

A savings account is an account where you can get an attractive interest rate on the money you have in the account. It's one of the simplest and safest ways to get a return on your money.

In a savings account, your money will usually be tied up for a specific period, which can range from as short as one month to several years, depending on the account's terms and conditions. Typically, there is a direct correlation between the length of the fixed term period and the interest rate you are offered.

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