This type of financial institution is a savings bank. Savings bank is financial institutions that collect savings and reward savers with interest or dividends. It transfers savings from people who want to live within their means to borrowers who want to spend more.
Instead than hoarding cash at home, it is preferable to deposit it in a savings account where you can earn interest while keeping it safe. Investor also has access to a variety of investment options by maintaining a account with any savings bank. TD Bank and Citibank are two instances of retail banks, corporate or commercial banks.
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