What are savings accounts?

A savings account is like a piggy bank that never gets full, and it's at the bank instead of at home.

Imagine you have a jar where you put your coins every day after school. That’s like a savings account, but instead of a jar, you have a special place in the bank, and instead of coins, you can use money.

When you put money into a savings account, it's safe there. The bank keeps track of how much you have. Sometimes, the bank even gives you extra coins (or extra money) for being good at saving, that’s called interest.

• You go to the bank or use an app on your phone.
• You choose a savings account.
• You put some of your allowance or birthday cash into it.
• The money stays there until you need it, like for a new toy or a special treat.

It's like having a secret hideout where your money grows a little every day, no magic needed!