Why do you need a savings account? To make your money grow.

Superhero movies have that climactic moment when the original plan isn't working, the bad guy is seconds from victory, and then the hero appears with a new way to save the day.

Let's recast the scene: The plan is how you're managing your finances. The bad guy is an unexpected expense or the temptation to spend. The hero is you. And the way to save the day — literally — is with a savings account.

This plotline may not make for a box office blockbuster, but understanding how savings accounts work and why you need one can help you create your own success story.

What is a savings account?

Whereas a checking account is a short-term place to keep money for everyday transactions like paying bills, a savings account is designed to hold and grow money.

Savings accounts grow through regular deposits, earning monthly interest and the corresponding annual percentage yield (APY), which is the rate of interest earned when compounding interest is factored in. Different banks and different types of accounts offer different APY rates.

A savings account can be the answer to your financial "what if?" and "how?" questions. What if the car breaks down? How can I afford a family vacation? What if I lose my job? How do I pay for holiday gifts?

If you don't need the money for day-to-day expenses, putting it into a savings account can help you reach specific goals or have a cushion in case of emergencies.

How to open a savings account

Most banks have online applications that make opening a savings account fast and easy. If you prefer to have someone help you, you can typically contact someone at the bank to assist. At least one account holder must be 18 years or older. Additional requirements may include a government-issued identification, a Social Security number, a mailing address and contact information. Some banks or credit unions may also have membership requirements.

Different banks have different interest rates, fees and minimum requirements related to the different types of savings accounts they offer. Be sure to compare those factors, especially if you're opening an account at a bank where you don't already have an existing relationship.

Savings account benefits: Security and convenience

The money in your savings account earns interest. Plus, the funds are insured up to a certain limit. The Federal Deposit Insurance Corp. (FDIC) protects federal savings bank deposits while the National Credit Union Association (NCUA) covers the money in credit unions. This means your money up to a certain limit is safe, even if the bank or credit union closes. This benefit applies to other types of deposit accounts as well, not just savings.

Different banks have different systems for protecting and accessing your accounts. When choosing where to keep your savings, check for features that offer peace of mind and convenience, such as:

• Secure online access
• Fraud protection
• Mobile deposits

If you already have a checking account, ask about additional services that your bank provides when you open a new savings account. Some even offer complimentary money management tools that can help automate transfers between accounts. Once they're set up, these types of technologies can do some of the account upkeep work for you.

What type of savings account is right for you?

Here's a snapshot of some different types of savings accounts that may be the most beneficial, depending on where you are on your financial journey.

• For the first timer. If you're finally making an income that leaves you with some money after paying your bills, consider putting those extra bucks in a traditional savings account. Many banks only require a small initial deposit — for example, $25 — which you can add to little by little.
• For a seasoned saver with a long-term goal. If you have a larger amount of money and want to earn more from a higher interest rate, a high-yield savings account may be the way to go.
• For your kids' futures. If you can give your kids a jump-start on saving, a youth savings account is designed to help them learn financial responsibility and establish a habit of saving early on. These accounts likely have age limitations, so be sure to confirm that your child is eligible.

No matter what type of savings account you're considering, remember to ask about minimum deposit requirements, minimum balances that must be maintained, and any limitations or fees associated with withdrawals or other account activity.

Savings account strategies for reaching long-term goals

The psychology behind human consumption, instant gratification and the community experience can all work against you when you're trying to save. Here are a few tips that can help you develop a saving habit.

• There's a store that, for you, tempts you to give into your impulses. Despite your intentions to leave with a single item, you leave with a full shopping cart. We all have that store.

  If the funds aren't easily accessible, you don't have to worry about spending them. Consider keeping only as much money as you need to spend in a month in a checking account — the account you would use at this store — and move the remainder into a savings account.

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• Automate, automate, automate. The less effort it takes to save, the more successful you might be. Use your bank's tools and services such as scheduling regular transfers from your checking account to your savings account or designating your savings account as the place for some recurring deposits.

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• Name your accounts. You weren't going to adopt that pet, just help care for her for a little while. And then you gave Fluffy her name. The same thing happens with your goals — name them and they become a real part of your life.

  Align your savings accounts with your financial goals by naming them "Vacation Fund," "Down Payment" or "Emergency Fund." Seeing exactly what you're saving for and making it part of your vocabulary when planning can help you stay committed to your goals. Some banks also have a feature allowing you to hide the account balance, so you're not tempted to spend it before meeting your savings goal.