Savings account

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Related to Savings account: current account, checking account

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 ?
More than one-in-ten (13 percent) of those with savings accounts said they opened a new account within the past year.
Percentages refer only to direct mail savings account offers that disclosed a rate.
Whether employers offer vouchers or medical savings accounts, they will have to decide how much to contribute annually.
Last August, the federal Health Insurance Portability and Accountability Act of 1996 authorized authorized tax advantages for medical savings accounts as a four-year pilot program.
About 67 per cent stated that their bank or building society should have offered interest on savings accounts from day one before.
However, the growing number of online institutions makes choosing the right one increasingly difficult for consumers - a problem that GOBankingRates seeks to solve by releasing its 2014 ranking of the top online savings accounts.
I make an annual, tax-deductible contribution to my medical savings account.
Huntington is making this year's spring break vacation planning a lot easier by offering a high interest online savings account that can be conveniently established and accessed.
A couple of the banks in NextAdvisor's online savings account rankings, including CIT Bank and EverBank, require a minimum balance or charge monthly fees.
Now the president's proposed savings accounts could hurt the viability of the variable-annuity product itself in that the new accounts would be tax-free investment vehicles, while distributions from annuities still would be taxed.
The money is in a traditional savings account, earning a mere 4% interest.
If you want to make certain that everyone on your list gets their wish, Huntington recommends opening an Anywhere Savings account, a high yield, high interest online savings account from The Huntington National Bank.