Savings account

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Related to Saving Accounts: current accounts

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.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.

Dictionary of Financial Terms. Copyright © 2008 Lightbulb Press, Inc. All Rights Reserved.

savings account

see DEPOSIT ACCOUNT.
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005
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The minimum limit for opening a Golden Saving Account is EGP 5,000, Au500, $500, or e1/4500.
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The bank significantly improved the deposit mix through increase in low-cost current and saving accounts, invested in high yielding consumer assets and rationalized cost through synergies and re-engineering processes and restricting investment to existing resources.
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The top winners were honoured at a presentation ceremony and the cash prizes were directly deposited into their Ithmaar saving accounts.
The campaign organizers said "the idea is based on opening saving accounts or adding new sums to their deposits in the Bank."
The total amount deposited in all saving accounts, up to 10 000 leva, by the customer will be doubled for the Spokoystvie saving account.
And, according to the Cardiff-based mutual, more than half of people in Wales do not realise that interest earned with Cash ISAs (individual saving accounts) is tax free.
They have the bulk of the current and low cost saving accounts because of their extensive branch networks.
The interest rates are great." When he heard the union were offering current accounts as well as saving accounts and loans, he applied right away.
Cairo Amman Bank announced the four winners of its Saving Accounts campaign for the month of June; whereby Mr.Muhannad Ahmad Qeimari won a Suzuki SX4, and each of Mr.
Dubai: Some Islamic banks have imposed a maintenance fee of Dh25 on all saving accounts which have a balance of less than Dh3,000.