What is the ruling on a savings account in a bank?

A savings account is permissible (halal) if the bank or financial institution adheres to the rules of Islamic Sharia in its dealings, and the profits generated therefrom are also permissible. However, if the bank or financial institution does not comply with the rules of Islamic Sharia, then it is not permissible to open a savings account with it or to deal with it. Everything that results from dealing with it is forbidden (haram), including the profits from the savings account.