A savings account is a basic type of bank account that allows you to deposit money. You can withdraw your money from it, and most banks pay you compounding interest on the balance of these accounts. The purpose of a savings account is to provide a safe place to stash the money you're not using for regular expenditures.
Many banks, credit unions, and other financial institutions offer savings accounts in addition to other accounts. You might even find some savings accounts that offer higher interest rates than others.