Advantages of a savings account?

Savings accounts give you a location to keep your money apart from your regular banking requirements, allowing you to save for a rainy day or set aside funds for a specific objective. Furthermore, the bank’s security procedures, along with the Statutory Deposit Insurance Corporation’s (FDIC) federal insurance against bank failures, will keep your money safer than it would be otherwise.
Savings accounts offer income in addition to keeping your assets secure, so it’s better to put any unused dollars in a savings account rather than accumulating cash in your checking account, where it’ll likely earn little or nothing.
Having a savings account at the same bank as your primary checking account can provide numerous advantages in terms of convenience and efficiency. Deposits or withdrawals to your savings account from your checking account will take effect immediately since transfers between accounts at the same institution are generally instantaneous.

  1. You got yourself included with a financial institute in a right way

  2. You can park your excess money safely somewhere and also get a nominal interest over it.

  3. You can access your account using various means like Internet banking, mobile banking, once you availed debit card facility - ATM,POS etc.

  4. Whatever smaller your account balance may be, these small savings like yours also contribute for economy.(without savings by public there won’t be a stable economy)

  5. Once you have become a customer of a bank, you can easily approach for other products including credit(loans),other ancillary products etc