Savings account

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Related to Savings Deposit: time deposit

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 ?
Most traditional banks do not accept the poor as clients because their savings deposits are thought to be too small to use to earn a profit.
Most banks have two types of savings deposits Au interest bearing and non-interest bearing.
The Savings Deposit Program is available only to those serving in designated combat zones.
The Hong Kong Association of Banks decided to keep its key savings deposit rate unchanged at 2.
While the interest rates on fixed deposit schemes were deregulated in 1997, the central bank continues to fix the rate on savings deposits.
A service member can contribute up to $10,000, but interest of 10 percent will not accrue after that amount," said Roger Castillo, program director for the Savings Deposit Program.
The Hong Kong Association of Banks decided Friday at its weekly meeting to decrease the key savings deposit rate to 2.
Personal Savings deposit accounts are available to both American Express Cardmembers and to consumers who do not currently have an American Express Card.
4% of YKB from Cukurova Group and Savings Deposit Insurance Fund by Kocbank, which is 99.
The bank was recently informed that its savings deposit insurance premium increased to $0.
In the first nine months of 2015, consumer savings deposits grew by 1.
However, A recent study by Nomura (NYSE: NMR) said that commercial banks in India are not only plagued by bad loans, but also by sliding current and savings deposits.