It’s wise to consider liquidity and yield at the same time when considering an investment, as no one can predict when financial distress will hit. That’s why a savings account is essential, whether you’re an employee or self-employed. Savings accounts are interest-bearing investments that offer unlimited access to deposits and withdrawals. Savings accounts are vital to our daily financial lives and nowadays, opening an account is a requirement to start any financial journey, be it investing or meeting short-term needs. In an environment of rising interest rates, it is preferable to have a savings account with the bank that guarantees higher interest rates in its branch. Some private banks therefore offer interest on savings accounts of up to 7%, which is briefly discussed here.