From the perspective of an account holder, a savings account is a liability with interest.

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From the perspective of an account holder, a savings account is an asset because it represents the money that the account holder has deposited, and it earns interest. The liability belongs to the bank or financial institution where the account is held, as it has an obligation to pay interest on the account and return the deposited funds on demand.

From the Perspective of an Account Holder, a Savings Account