In economic terminology, the concept of savings deposit is one of the most common and even used by anyone due to its easy understanding and also since it can be related to any of us, not just specialists in the area. We can say that a savings deposit is one of the most common operations that one can carry out when hiring the attention or services of a bank and in this sense it is also one of the operations that implies the least requirements since it is of convenience both for the client as for the bank.
The savings deposit is, as its name says, a deposit that a person makes in a bank of their income, savings or capital with the clear objective of protecting that money and preventing at the same time having it in permanent availability, which could mean a misuse of it. The savings deposit is then made with the approval of the client, who approaches the bank to deposit their money in the institution's safes in such a way as not to have it on top of them all the time. As today the banking and financial system has achieved an enormous level of development, it is impossible to think that the money that one deposits is visible and specifically in a particular branch or place, if not that it becomes part of the total sum of capital that that bank has availability.
One of the best elements of the savings deposit, what makes it so common, is that the client can withdraw their money at any time, without limits or by paying small interest if the operations carried out on it are many. In this way, people can keep their capitals protected in the bank and use them whenever they want. At the same time, by giving the bank the possibility of using that money in other operations (which will then be returned with the same reserves of the banking institution), savings deposits usually mean beneficial interests for the user that can increase with various conditions (depending on the withdrawals, movements or major deposits that the client makes).
