Opening a savings account is the first thing you should do while beginning your financial journey since it provides adequate liquidity, deposit safety, and suitable interest rates. Savings account interest is typically calculated daily based on the account’s end-of-day total amount and paid out quarterly. Your first step in wealth management that satisfies all of your individual banking and financial demands is through a savings account. A debit card, a low monthly balance threshold, high-interest rates, attractive cashback and discounts, amazing rewards against debit card transactions, and many more advantages come with savings accounts. Along with these key benefits, a savings account also enables you to earn interest on the money you have deposited and allows you to make free withdrawals whenever you need, making it a good choice for short-term objectives. For those who want to open an interest-bearing deposit account, here are the banks that are now providing interest rates of up to 7.50%.