As the name implies, an individual will open a savings account if he or she has excess funds and wants to save them for the future. This kind of account is used for cash that is not intended to be spent immediately and can serve as a long-term investment. Banks normally use these savings to finance other interest-bearing loans. Therefore, if the account holder wants to withdraw funds immediately, he or she may have to pay a transaction fee, as banks often require some time to refinance.
One of the main reasons why savings accounts may be preferred over other bank services is the fact that
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