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.
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

Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005
References in periodicals archive ?
Some 18% of its mortgages were funded through wholesale money markets, with the rest lent against its retail saving deposits.
Time and saving deposits, which reflect savings, slightly increased and grew at an annual rate of 0.3% (KM 18 million).
It said a rising minimum saving rate could boost saving deposits but moving forward the banking sectors' profitability would be contingent upon interest rate dynamics, demand for advances, bank's investment strategy and movement in foreign exchange and capital markets.
This was mainly triggered by a LP 35 billion rise in total LP resident deposits amid a LP 212 billion growth in LP demand deposits and a LP 177 billion decline in LP saving deposits, in addition to a LP 110 billion increase in foreign currency resident deposits (the equivalent of US$ 73 million).
Under the law which is still being drafted, individuals and firms will also have to pay tax on bank saving deposits if the gain is over 15,000 denars a year.
In the meantime, saving deposits hit a total of Dh156.2 billion last year, comprising 11.2 per cent of the total value of deposits.
Within customers' deposits, saving deposits have increased by 1.9 percent (PKR 88.9 billion) while current accounts - non remunerative deposits experienced a decrease of 8.0 percent (PKR 339.4 billion).
Unlike companies, citizens saved more money and their saving deposits increased for nearly 30 million euro or a total of 3.4 billion euro, but that still didn't recover for the denar deposits massively withdrawn in March.
The deposits - sensitive to seasonal fall in overall advances - slightly declined by 0.6 percent during Mar-16 with dip in current deposits and fixed deposits; however, saving deposits increased by 3.6 percent.
Firstly, to completely bridge the gaps in the reserves set aside by the bank to cover non-performing debts, which amount to EGP 6.4bn, as well as customers' saving deposits, EGP 8bn, that may have been eroded.
This half will get transmitted soon." With small saving deposits commanding an interest rate of 8.7- 9.3 per cent, banks have been reluctant to transmit the entire policy rate to borrowers.
This has been offsetting contractions in time and saving deposits, and was helped by the rebound in FX [foreign exchange] deposits of government entities which grew by 8.6 per cent month on month in April.