A savings bank account is one in which individuals can deposit their money and have it readily available when they require it. However the interest yielded by such accounts is relatively low. Apart from banks savings account are also offered by credit unions, savings and other financial loan institutions.

Each bank has its own set of rules governing its savings account. In the case of some banks there is a stipulated time period that is set and if you withdraw the money before the date is reached you receive no interest. On the other hand there are savings accounts such as the dormant accounts in which the only operation is the gathering of interest.

Another type of savings account is the cash individual savings account where you can earn tax free interest but there are always hidden conditions.