In short, a savings account is a deposit account offered by financial institution that earns interest and allows withdrawals. It is the most common type of bank account and probably the first type of account you’ll open or have opened for you by a parent. Many financial institutions such as banks or credit unions offer savings accounts.
Most savings account are used to save money as opposed to a checking account where funds are withdrawn often. Savings accounts are also insured by the FDIC (for FDIC banks and the NCUSIF for credit unions). Verify if your financial institution is associated with these government agencies.