What is Savings Account?

I want to understand what a savings account is and how it works. How is it different from a checking account, and why do people use it? I’ve heard that banks like Chase Bank and Bank of America offer savings accounts with interest, but I’m not sure how the interest is calculated or how much you can earn.

Can someone explain the basics of a savings account, its benefits, and any limitations or fees involved? A simple and beginner-friendly explanation would be helpful. What is a Savings Account of Bank?