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

see DEPOSIT ACCOUNT.
References in periodicals archive ?
Intelligent Finance allow you to keep your savings in a saving account and link the interest payable to your mortgage.
Nicholas Kavouklis, president of Argus Dental Plan, who coined the phrase "Dental Saving Account.
The programme also includes 'Baraem Children' saving account for children below 18 years of age, which offers a range of benefits.
Warba Bank encourages its customers to invest through the Investment Saving Account.
Islamic Bank of Britain (IBB), the UK's only wholly sharia-compliant retail bank, has launched its IBB Notice Cash Individual Saving Account (ISA).
As per this scheme, the bank has waived off the requirement of maintaining minimum balance in saving account named FedExcel.
Abu Dhabi,8 October 2013: Abu Dhabi Commercial Bank (ADCB) Islamic Banking today announced the August winners of the Millionaire Destiny Savings Account (MDSA) and Emirati Millionaire Saving Account (EMSA).
Putting pounds 200 a month into a saving account, paying 4%, would earn just pounds 41.
If the interest rate on a saving account is less than the rate of inflation - as it generally is at present - then the savings themselves are falling in value.
KERRY Nelson, of independent financial advisers Willis Owen, says new parents should start thinking of opening a saving account for their baby straight after the birth.
A spokesman said: "This is the minimum deposit required for a Yorkshire Building Society Treasure Bond account, which is a children's saving account, on which a child to the age of 12 can earn a fixed rate of interest on their sum invested.
Zaikei mortgage loans are available for salaried workers who keep a tax-free saving account for zaikei loans for more than one year and have more than 500,000 yen in such an account.