A savings account is a type of bank account that allows individuals to deposit and save their money. The purpose of this account is to provide an easy way for people to set aside funds, earn interest on those funds, and have access to them when needed. Savings accounts typically offer a lower interest rate than other types of investment vehicles such as stocks or bonds, but they are considered one of the safest ways to save money because they are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per depositor. Additionally, savings accounts often come with convenient features like easy access through online or mobile banking and the ability to make withdrawals or transfers at any time.