Not exactly. While saving and investing are quite similar, both methods of using money effectively but for different purposes.
The purpose of this account is to keep money on hand for the short term (and sometimes long term) goals or emergencies. It is most suitable for an emergency fund or a specific savings goal, such as a vacation or a car. Essentially, accounts are for regular savings contributions and come with no risk or volatility.
On the other hand, investing is meant for cash earning or the long term, such as home ownership or retirement, for example. The idea is that the person will place the money with some risk if it leads to the investment growing over time.
There are, however, some types of investments that closely resemble interest-bearing accounts, such as a Certificate of Deposit (CD), for example.