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Related to savings: savings account, Savings Bonds

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.


the proportion of income of a person (personal saving), company or institution (retained profits) that is not spent on current consumption. Savings are typically placed on deposit with a BANK, BUILDING SOCIETY, etc., or used to acquire financial and physical assets such as SHARES or plant. By forgoing immediate spending on consumption, savers seek to augment their future income through dividends, interest and rent receipts and through capital appreciation.

In real terms, savings are important in that they finance physical INVESTMENT in the economy, enabling a country to increase its CAPITAL STOCK and hence its overall capacity to produce a greater volume of products. See FINANCIAL SYSTEM, NATIONAL SAVINGS CERTIFICATE.

References in classic literature ?
Dorothy came to meet them and thanked the little mice warmly for saving her companion from death.
The offer of a truce gave the only, and a quite unexpected, chance of saving the army.
And,' reasoned Ralph with himself, 'if no good came of my uncle's money when he was alive, a great deal of good came of it after he was dead, inasmuch as my father has got it now, and is saving it up for me, which is a highly virtuous purpose; and, going back to the old gentleman, good DID come of it to him too, for he had the pleasure of thinking of it all his life long, and of being envied and courted by all his family besides.
About your money, you know--denying yourself, and saving it for the heathen.
Nancy told you I was saving money for the--Well, may I inquire who Nancy is?
The hard practical wisdom of Mercedes Higgins proved of immense help, for Saxon strove with a fervor almost religious to have everything of the best and at the same time to be saving.
Why," he jubilated; "not only do I feed better, and live more comfortable, and hold up my end with the fellows; but I'm actually saving money--or you are for me.
He would have been past saving, long past saving, by that time.
He began by remarking that soda-water, though a good thing in the abstract, was apt to lie cold upon the stomach unless qualified with ginger, or a small infusion of brandy, which latter article he held to be preferable in all cases, saving for the one consideration of expense.
The wild young grandson makes answer to this and says, 'You're as rich as rich can be; you have been at no uncommon expense on my account, you're saving up piles of money for my little sister that lives with you in a secret, stealthy, hugger-muggering kind of way and with no manner of enjoyment--why can't you stand a trifle for your grown-up relation?
For higher education costs, invest in the client's state section 529 college savings plan up to the maximum amount eligible for state tax benefits.
Health savings accounts are triple tax-advantaged: tax free when contributed; tax free as they grow: and tax free at withdrawal.