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There are three different types of savings that consumers are usually interested in. The type that appeals to you can determine where you should actually invest your cash.
When you have long or mid-term savings goals, savings accounts can provide a benefit in that they balance out the risk of higher-risk investments. But it's important to limit the amount of savings you invest in low-interest savings over the long term.
Thanks for the information! I've always thought that people usually open savings accounts that they can use throughout their lives. I didn't know that people could also open short term savings account to keep money that they would need to save for less than five years. It seems like I would want to open a savings account to put money that's separate from my own personal account for I large investment, like a new car, or a vacation to Bali.