Savings Account
A deposit account often associated with earning returns in UAE banks.
Detailed Description
Savings Account
What is a savings account?
A savings account is a deposit account offered by banks and credit unions that allows individuals to store money securely while earning interest.
What are the types of savings accounts?
Types include traditional savings accounts, high-yield savings accounts, money market accounts, and specialized savings accounts.
What are the benefits of having a savings account?
Benefits include security, liquidity, interest earnings, and promoting financial discipline.
What are common drawbacks of savings accounts?
Drawbacks include lower returns compared to investments, withdrawal limitations, and potential fees.
What are the tax implications of savings account interest?
Interest earned is taxable income and must be reported on annual tax returns.