A savings account is intended for storing extra money for future growth, whereas a current account is typically used for daily expenses and bill payments. Inflation can erode the value of cash left in an account with interest rates lower than the inflation rate. Moving money to an account with a better interest rate can significantly increase earnings. Different types of savings accounts vary in flexibility and interest rates, with fixed-rate bonds often offering higher returns but requiring funds to be locked in for a set period. Cash Isas provide tax-free savings growth, while Lifetime Isas offer a government bonus for savers under 40. Savings rates are influenced by inflation and market trends, and it's essential to choose the right account based on financial goals and circumstances.