If i'd like to take 1000 and put it into a savings account for a long period of time in the hopes of earning a higher interest rate and making my money grow, which type of account should i choose?

Fixed Deposit Account

Explanation:

Commercial Banks perform this crucial role of accepting deposits & advancing loans.

3 Types of Deposits :

Current Account - Used by businesses, has liberal depositing & withdrawal rules for payments & receipts, negligible interest by bank (rather bank charges for their service).

Savings Account - Used by households, for normal savings, has deposit & withdrawal rules less free than current account, moderate interest rate by bank.

Fixed Deposit Account - Used for Long Term savings, strict withdrawal rules before maturity (interest lost if withdrawn), high interest rate & money growth.

So, If need is to save money foe long period & letting it grow meanwhile, Fixed Deposit Account is a suitable Account.

unique selling propisition

if you use only 25 for your entertainment and only 200 for the groceries that you really need and take out the 50 per month for the computer then that should be enough