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1. Interest Earnings: While interest rates can be low, savings accounts still allow your money to grow over time without any effort on your part. You earn passive income from the interest.

2. Low Risk: Because savings deposits are not tied to the stock market or other volatile investments, the risk is low, making them a safer option for short-term savings goals.

3. Financial Discipline: With a savings deposit, you’re encouraged to keep your money in one place and save over time. It can be an effective tool for building an emergency fund or saving for specific goals.

4. No Fees : Many savings accounts have no monthly maintenance fees or very low fees, especially if you meet minimum balance requirements.

5. Easy to Set Up and Manage: Opening and managing a savings account is usually quick and simple, whether at a bank or online.