A savings deposit is a bank account that an individual can start to save money and earn interest for future use.

A savings deposit refers to a financial arrangement where individuals deposit their money into a bank or financial institution with the primary purpose of saving and earning interest. This type of account is one of the most common and fundamental banking products available to consumers worldwide. It serves as a secure and accessible way for individuals to set aside funds for various financial goals, emergencies, or future expenses.

Savings deposits offer a secure and accessible way to save money, it's essential for individuals to consider their overall financial strategy. Depending on one's financial goals, risk tolerance, and time horizon, a diversified approach that includes other investment options may be suitable for long-term wealth accumulation.