A savings account is a type of bank account that allows you to deposit money, store it, and withdraw it. A savings account is a good option for saving money that you don’t need or want to spend right away. Savings accounts at First Tech are federally insured by the National Credit Union Administration (NCUA) up to $250,000. Savings accounts are not intended for frequent withdrawals, so if you need to pay bills or withdraw money frequently, a checking account may be more appropriate.