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What is a Savings Account?
A savings account is an interest-bearing deposit account held at KeySavings bank. 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.
Savings accounts have some limitations on how often you can withdraw funds, but generally offer exceptional flexibility that’s ideal for building an emergency fund, saving for a short-term goal like buying a car or going on vacation, or simply sweeping surplus cash you don’t need in your checking account so it can earn more interest.
- Because savings accounts pay interest while keeping your funds easily accessible, they’re a good option for emergency or short-term cash.
- In exchange for the ease and liquidity that savings accounts offer, you’ll earn a lower rate than that paid by more restrictive savings instruments and investments.
- The amount you can withdraw from a savings account is generally unlimited.
- The interest you earn on a savings account is considered taxable income.
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Please contact us to open a savings account.