It is wise to give liquidity and returns equal weight when considering an investment because no one can foretell when a financial emergency will occur. This is why having a savings account is essential whether you are a salaried or self-employed individual. Savings accounts are interest-bearing investments that offer unfettered access to deposits and withdrawals. Savings accounts are crucial to our daily financial lives, and nowadays opening one is a requirement to begin any financial journey, whether it’s for investments or fulfilling short-term necessities. It is preferable to hold a savings account with the bank guaranteeing higher interest rates in its sector in an environment of rising interest rates. Consequently, some private sector banks are giving savings account interest rates of up to 7% which are briefly discussed here.