As far as I understand, Apple's Keychain lets you save passwords and then grant access to them on per-application basis, instead of leaving them lying in text f

As far as I understand, Apple's Keychain lets you save passwords and then grant access to them on per-application basis, instead of leaving them lying in text files for any program to read. Could anybody confirm that? I've never had a Mac, but I've been thinking about this issue for quite some time. (EDIT: TFA doesn't clarify that.)