A savings account is a type of bank account that allows you to deposit and withdraw money from your account easily and which pays you some interest (depending on the prevailing market deposit interest rate scenario), on an annual basis. In Malta, these are the most commonly accounts offered by Banks.
The bank may offer the facility of a debit card to enable you to withdraw money from an ATM or to pay for goods and services in those places where bank cards are accepted. Each bank will have its own conditions for deposits or withdrawals from such accounts as well as own requirements to open these accounts (for example, some banks may require a minimum amount to open such account whilst others can establish that you can simply open it) and other features that might be included in the same. These conditions form part of a framework contract. Make sure you know what these conditions are before opening an account.
Current and savings accounts are very popular because they are:
SAFE. Your money is much safer in a bank than at home;;
PRACTICAL. Payment instruments associated with bank accounts allow payments to be made without cash, even at a great distance;
CONVENIENT. Bank services associated with bank accounts allow regular payments to be made and received automatically (paying bills, receiving your salary, etc.);
FAST. By using the services available on the banks’ websites you can access your accounts and make transactions from your computer or mobile phone.