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.
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.
It pointed out that the gross value for these deposits as of the end of January 2015 includes the time deposits stood at OMR3,175.9 million, OMR4,037.2 million saving deposits and OMR3,902.5 million on demand deposits.
It is astonished and surprised me why KASB Bank had announced operating profit of Rs237 million while current and saving deposits were 76 percent of total deposits as of December 31 2013.
"Within customers' deposits, fixed deposits as well as saving deposits registered positive growth during the period under review, though fixed deposits grew at a faster pace compared to saving deposits," The Gulf Today said.
The monthly statistical bulletin published by the Central Bank of Oman (CBO) showed the gross value for these deposits as of the end of October 2014 includes the time deposits stood at OMR 3,252.2 million, OMR 3,893.2 million saving deposits and OMR 3,629.8 million on demand deposits.
The growth of bank deposits also remained healthy as time and saving deposits continued to benefit from the prospect of higher interest rate while heightened activity in the stock market exerted little impact on demand deposits.
"There is market confidence due to the fact that prices have remained stable in the North East over the past few years which is resulting in an increasing number of renters saving deposits and becoming homeowners.
Money supply in Bahrain's economy, represented by M2 (currency in circulation and demand, time and saving deposits) rose to BD9.4bn in March, from nearly BD9.2bn at the end of December last year.
He also added that insurance firms do not have the right to collect saving deposits or investments.
Time and saving deposits continued to decline by 0.9% m-o-m in March 2013 after falling 1.4% m-o-m in February 2013, in line with lower rates for longer-term funds.
Interest rates on saving deposits have had low returns, leading people to turn to riskier investments.