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Savings Accounts

A savings account is an account at a financial institution (savings bank, commercial bank, or a savings and loan, etc.) that pays interest on deposits. Interest is usually paid from the day of deposits to the day of withdrawals. Savings account held at financial institutions insured by the Federal Deposit Insurance Corporation (FDIC) or the Savings Association Insurance Fund (SAIF) are insured up to $100,000. Unlike money market accounts, savings account usually have lower or no minimum monthly balance. Savings account are generally designed for those who want to build funds gradually for a major purchase.