Because they promote the habit of saving money which would be useful for us in the future.
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Commercial banks, savings and loan banks, credit unions
commercial banks, savings and loans associations, mutual savings banks, and credit unions.
Sample of savings and mortgage banks of the philippines
Most large banks today offer mortgage savings accounts. HomeBuyer is one such bank. Other banks, such as Bank of America, Chase, and CitiBank offer mortgage savings accounts too.
Yes, many banks pay interest on the money you deposit into your savings account.