Savings account

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Related to Saving Accounts: current accounts

Savings account

A deposit account held with a financial institution that pays interest but does not allow for direct withdrawal through checks. Pays interest at a rate higher than that of checking account but lower than that of treasury bills.

Savings Account

An account at a bank in which the customer deposits money for any non-immediate use. For example, one may utilize a savings account to save funds for an expensive purchase, such as a house or a car. Because most customers keep money in a savings account for a longer period than a checking account, a savings account pays a slightly higher interest rate. However, the interest rate is not as high as a bond or another low-risk investment. Generally speaking, one may not write a check on a savings account without paying a penalty. This is to disincentivize withdrawals on savings.

Savings account.

A savings account is a deposit account in a bank or credit union that pays interest on your balance -- though some institutions require that you have at least a minimum amount in the account to qualify for earnings.

You can deposit and withdraw from savings accounts as you wish, but you can't transfer money from the account directly to other people or organizations.

While savings accounts typically pay interest at a lower rate than other bank accounts, that may not always be the case. Savings accounts are insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Share Insurance Fund.

You're covered up to $100,000 in each of three different categories of account in a single bank, or up to $250,000 if an account is a self-directed retirement account (IRA). Different branches of the same bank count as one bank.

savings account

see DEPOSIT ACCOUNT.
References in periodicals archive ?
Mid-sized banks have a rather more balanced mix of deposits base but have much lower concentration of current and saving accounts than the top five banks.
It should be noted that through the Saving Accounts campaign, there will be a bimonthly winner who will enter the 'Quarter of a Million JD' room (formerly known as the 'Cash Room') to collect as much cash notes as possible in a given period of time and win the total amount collected.
These banks applied conditions if clients wished to have saving accounts without a minimum balance of Dh3,000 and without paying the maintenance fees.
With interest rates at their highest level for six years, and five increases since last summer, there are plenty of saving accounts where your money will be safe - and you can get a decent return.
An average pounds 107 a month is being invested in saving accounts, research for Sainsbury's Bank shows.
Now that legislation has been passed regarding Health Saving Accounts (HSAs), it is important for MTNA members to be informed of HSA benefits.
2 /PRNewswire/ -- The Independent Community Bankers of America praised the superior personal saving accounts advanced in President Bush's 2005 federal budget.
Demand for foreign bonds has been growing in Japan as investors see as unattractive investing in the nation's slumping stock markets or putting money in saving accounts with ultra-low interest rates.
Individual saving accounts - independent of any one employer - are another important element.
Users can also request e-mail alerts on market rates, new product launches and the best saving accounts, ensuring they are regularly kept abreast of the best available financial services.
Archer's plan would allow more people to create medical saving accounts by repealing the 750,000-person cap on participation and by expanding the eligibility requirements.
Under these proposals, a portion of the payroll tax, say 5 percent, would be invested in personal saving accounts.