A savings or deposit account is a type of bank account that allows the account holder to deposit and save money with a financial institution. These accounts typically earn interest on the deposited funds, which can help the account holder grow their savings over time. Deposit accounts can come in various forms, including traditional savings accounts, money market accounts, and certificates of deposit (CDs). They are considered one of the safest and most reliable ways to store and grow funds, as they are typically insured by government agencies like the FDIC or NCUA.
