A savings account is an interest-bearing deposit account held at a bank or other financial institution. Though these accounts typically pay a modest interest rate, their safety and reliability make them a great option for parking cash you want available for short-term needs.
A savings account with E-Finance is an account that lets you store your money securely while typically earning interest. This means E-Finance pays you to keep your funds deposited in it savings options, with daily or weekly or monthly or annual yields.
Some savings accounts will require a minimum balance in order to avoid monthly fees or earn the highest published rate, while others will have no minimum balance requirement. So it’s important to know the rules of your particular account to ensure you avoid diluting your earnings with fees. Savings accounts are fully insured, so you will not lose your money if the bank fails.