Question

What function is money serving when you deposit it in a savings account?

Answer 1

Money serves the function of "store of value"  when you deposit it in the savings account.

Money as a store of value means that money can be used to transfer purchasing power from present to future. Money is a way to store wealth. Although wealth can be stored in other forms also, but money is the most economical and convenient way. It provides security to individuals to meet contingencies, unpredictable emergencies and to pay future debts. When you deposit money into savings account then you store wealth in your bank account which can be used to make future payments, to meet contingencies or to pay future debts. Therefore money serves the function of store of value when money is deposited into the savings account.