A savings account is a bank account where money can be deposited to earn interest, often linked to a checking account. It is easy to open and access, with variable interest rates and FDIC insurance up to $250,000. Interest is compounded, and there are various ways to deposit and withdraw funds. Savings accounts differ from checking accounts in purpose and accessibility. There are different types of savings accounts, each with its own benefits and drawbacks. When choosing a savings account, consider factors like APY, fees, and banking features. Opening an account typically requires identification, a Social Security number, contact information, and possibly an initial deposit. Financial experts recommend keeping enough to cover three to six months of expenses for emergencies, and following the 50/20/30 rule for budgeting.