Savings accounts are commonly paired with Checking accounts. Customers can use the checking account for their day to day transaction, while using their savings account to earn some interest on their money. For most savings accounts, the interest rate can be one of the primary selling points.
Savings accounts are a good place to keep a little extra cash on hand. Unlike many checking accounts, savings accounts generally earn interest, but normally not as much as a Money market account. Like most other standard banking products, they are generally insured by the FDIC or the NCUA. So while earning less interest than might be possible in the stock market, the risk of loosing money is virtually zero.