Savings account

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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

References in periodicals archive ?
Monescope Egypt says that LCY term and saving deposits grew 9.
Banks are still struggling with a pounds 800 billion funding gap - the difference between loans and deposits - as greater competition for retail saving deposits adds to the pressure, the report said.
The buy-to-let specialist said it would rein in lending until the economy improved and attract more saving deposits after a "very challenging" first half.
Instead, the balance of time and saving deposits with higher yields narrowed the margin of its decline to 2.
Nowadays, saving deposits still account for a large part in this funding, although there is an increasing recourse to the capital markets, in particular through the issue of mortgage bonds.
Liu said only 20% of the population now holds 80% of China's saving deposits.
China's economic growth could rely on very substantial saving deposits so long as we have good and relevant policies it is possible to convert savings into investment,'' he said.
6) The share of individual accounts in saving deposits has varied from 76 percent in March 1987 to 71 percent in March 1992.
The reserves held against saving deposits are much smaller than those held against checking deposits.
He said there are nearly 1,500 such shell companies are still operating in the rural outskirts of Bengal collecting small- saving deposits, mostly from the merginalised sections.
The statement said the SBP linked the minimum rate of return on average balances held in saving deposits with the floor of the interest rate corridor.