There are different types of saving accounts. They all earn interest. This is the return (or money) paid by a bank to a client (investor) for use of their funds in a given account. Savings accounts earn interest. It may be paid monthly, quarterly or annually.

In years past, most clients had passbooks for their savings accounts. A few older people still prefer to use these, but most now have a plastic debit card which allows them to Electronically Transfer Funds at Point of Sale (ETFPOS). That is, have an easy way of accessing their funds to pay for goods (or withdraw cash) in most shops and department stores.

Accounts have different features. Access to the funds, along with fees and interest is different for each type of account.

In some cases, if an account keeps a balance above $500, the client is able to make a set number of transactions free of charge. If the balance falls below $500, a fee applies and the free transactions are not available. Others may offer ten free transactions per month regardless of balance, with or without account-keeping fees.

You need to know all the particular features of the products you sell.

Also see the short course Basic Deposit Products.