Maintaining a savings account can be beneficial to individuals for several reasons, though the accounts also have a few drawbacks that you should be aware of. While saving money is often a good thing, one should be cognizant of just what exactly a savings account is, and how it differs from a checking account.

Maintaining a savings account can be beneficial to individuals for several reasons, though the accounts also have a few drawbacks that you should be aware of. While saving money is often a good thing, one should be cognizant of just what exactly a savings account is, and how it differs from a checking account.

Pro and Con: Interest

Savings accounts generate interest, which is a pro, because your money is making more money simply by being in a savings account. But the interest is often low--sometimes less than one percent--which can be seen as a con. Obviously, the more money you have in the savings account, the more money in interest it will earn.

Con: Accessibility

A savings account con is accessibility to your money. Many banks do not offer ATM or debit cards for savings accounts, which means you would either have to transfer funds from your savings account to a checking account and withdraw money that way, or visit the bank for a withdrawal directly from your savings account.

Pro: Fiscal Responsibility

One of the best pros of a savings account is the fiscal responsibility that comes with having funds in such an account. As mentioned above, accessibility--or lack thereof--could be seen as a con. But it can also be seen as a pro, since not having money so readily available may limit wasteful spending.