säästuarve

A säästuarve, which translates to "savings account" in English, is a type of bank account designed for holding money that is not immediately needed for daily expenses. The primary purpose of a säästuarve is to accumulate funds over time, often for specific financial goals such as a down payment on a property, a vacation, or retirement.

Unlike a current account (käibevarve), which is intended for frequent transactions, a säästuarve typically earns interest on the deposited funds. The interest rate can vary between financial institutions and may be fixed or variable. While most savings accounts allow for withdrawals, some may have limitations on the number of transactions per month or require a notice period for larger sums.

Opening a säästuarve is a straightforward process, usually requiring basic identification documents. The deposited funds are generally considered safe, as many countries have deposit insurance schemes that protect account holders up to a certain limit in case of bank insolvency. It is a common tool for individuals to manage their personal finances and build financial security.