Many people go without saving. But wise men have already taught us that if we save something now, we are better equipped for the future. Even though using a savings account to accumulate interest may not be very popular nowadays, it might still be worthwhile to actually take a look at such bank product.
Types of savings account
As implied in the name, a savings account lets you accumulate money under your name. It can be an individual or a joint (for example with a friend, relative or partner) account. Besides that, there are other particular types interesting to consider.
- Current account – A chequing account that doesn’t bear interest.
- Savings account – An interest earning account that usually doesn’t have chequing facility. Usually, the banks provide ...