Definition
A savings bank is a financial institution designed primarily for individuals to deposit and save money. Unlike commercial banks that focus on lending to businesses, savings banks emphasize personal savings accounts and often offer higher interest rates. Think of it as a secure place to stash your cash and watch it grow, like planting a seed 💰 and seeing it sprout. They are usually insured, meaning your deposits are protected up to a certain amount. It’s a safer alternative to keeping money under your mattress.