Savings, or saving

Savings is typically money store in a bank account, such as a personal or savings account, a cash account, or a term deposit. This is money set aside to buy something needed or wanted in the short to mid-term future, such as a holiday or new fridge, or to act as an emergency fund to cover unexpected expenses or a financial emergency, such as car repairs or job loss. Savings are considered one of the lowest risk places to store money, but low risk may mean low returns due to receiving minimal returns. Learn more about the difference between saving and investing and both can help you reach your financial goals