Which account is designed for secure storage of money while earning interest?

A savings account is specifically designed to provide a safe place for individuals to store their money while also earning interest on the balance. Banks and credit unions typically offer savings accounts, which allow customers to deposit funds, accumulate interest at a modest rate, and withdraw money as needed.

Unlike checking accounts, which are intended primarily for everyday transactions and may offer minimal or no interest, savings accounts encourage individuals to save and preserve funds for future needs. They often come with some restrictions on the number of withdrawals, promoting better saving habits.

While money market accounts also provide a way to earn interest and may offer higher interest rates than traditional savings accounts, they often come with higher minimum balance requirements. Retirement accounts serve a different purpose, focusing on long-term savings for retirement rather than general purposes, and may have restrictions on access to funds until reaching a certain age.