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 ?
The product enables customers to invest on unrestricted basis a minimum of OMR 100 into a Saving Account or a minimum of OMR 1,000 into a Mudharaba Investment Account that is part of the investment pool.
He said that cotton crop was like a saving account for farmers and pledged that government would protect this account at all cost.
RBS got the same lowly 53% overall score as rival Clydesdale Bank, but came below it for customer account and saving account satisfaction.
The bank has also declared the profit rates for Corporate Premier Term Account, PLS Supreme Saving Account, Senior Citizen Saving Account, Gharayloo Saving Account, Ziada Munafa Saving Account, PLS Saving Bank - Staff Accounts, PLS Saving Pension Account, Munafa Hi Munafa Term Deposits, Munafa Hi Munafa Term Account - I, Munafa Hi Munafa Term Account - II, Munafa Hi Munafa Term Account - III, Munafa Hi Munafa Term Account, BOP Bonus Munafa Term Deposit, BOP Bai Misaal Term Deposit, Pehlay Munafa Deposit, BOP Kisan Dost Term Deposit, BOP Senior Citizen Term Deposit, BOP Young Lions Savings Account and BOP Behtareen Munafa Account.
Abu Dhabi Commercial Bank - Islamic Banking Division (ADCB-IBD) announces the winners of the grand prize and monthly prizes through its Emirati Millionaire Savings Account (EMSA) a saving account exclusively for UAE nationals.
Like the passbook saving account launched in March 2013, deposits collected by the DISTINGO "Fixe" term deposit account will be invested in the real economy.
The State Bank of Pakistan's decision to link the minimum profit rate on saving account with repo rate will impact some 25-30 percent deposits and an additional cost of some Rs 10 billion annually to the banking industry, according to an analysis report prepared by research analyst-PAGE.
Opening MyHassad Saving account is simple and easy.
Ithmaar Bank, an Islamic retail-focused bank, has launched a new, prize-based saving account.
Under the terms of the contract, the company will maintain ICICI Bank Canada's High Interest Investment Saving Account on its PrimeSuite recordkeeping platform.
Stafford Railway Building Society is giving a free ice lolly and drink to children opening a saving account before September 1.