Savings accounts are financial accounts where consumers give their money to a consumer financial institution such as a bank or credit union in order to receive a financial return in the form of interest payments.
In most cases, money in a savings account is more difficult to access than money deposited in a checking account but offers a higher interest rate (often expressed in APY, annual percentage yield). A savings account holder must travel to an ATM or visit a bank teller in order to be able to access funds in their account. This is different from a checking account where one would be able to write a check or use a debit card to access the funds in their account.
Savings accounts also fall under US, Regulation D, 12 CFR 204.2(d)(2) which limits the number of transfers or withdrawals out of a savings account to six per month or a statement cycle of at least four weeks. Banks deal with breaches of the transfer limit in different ways with some banks charging the owner of the account a fee while others simply refusing to honor the transfer of funds. Be sure to read your accounts fine print to be sure how your bank handles this situation.
[...] - but that does not change the fact that almost every person lends their money out at interest. Savings accounts and interest bearing checking accounts are ways that most people engage in the benefits associated [...]