savings instruments

Savings instruments are financial tools used to set aside money for future needs while earning some return. Common types include savings accounts, which offer easy access and safety; certificates of deposit (CDs), which lock in your money at a fixed interest rate for a set period; and fixed deposits, similar to CDs in some countries. These instruments help individuals grow their savings gradually with minimal risk, often providing higher interest rates than regular accounts, and are suitable for building emergency funds or saving for specific goals.