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 ?
If the interest on savings deposits becomes a bit more attractive, a substantial part will make its way in the banking system.
DFAS will post the savings deposit balance of active-component members to their Leave and Earnings Statement.
The bank association's role in determining the savings deposit rate ceiling will be abolished in July, when the final stage of rate deregulation is implemented, lifting the remaining rate rules and allow individual banks to set their own rates on all types of deposits.
Demand deposits are mostly sourced from businesses and individuals, while time and savings deposits are sourced from government entities.
In May the political crisis dealt its first blow to savings deposits. According to the latest statistics of the National Bank of Macedonia, savings deposits totaled 4.6 billion euros and a decline in the overall deposit base of 48 million euros was registered in relation to April.
ISTANBUL, Sep 29, 2009 (TUR) -- Turkey's Savings Deposit Insurance Fund (TMSF) was awarded by International Association of Deposit Insurers (IADI).
"We have absolutely no pressures, as denar savings deposit are on the rise at the expense of the declining euro savings deposits," Governor Bogov said in his Sunday interview with Radio Free Europe.
Bankers want the Government to postpone the introduction of the 15 percent tax rate on time savings deposit interest exceeding 15,000 denars not for 2020 but until Macedonia joins the EU.
It would reportedly allow customers of the bank to have the highest savings deposit rate in the city.
RAKBANK has announced the launch of its new savings deposit account called 'Recurring Deposits', that offers easy access to customers' funds, guaranteed principal, and the ability to earn up to 2.5 percent interest on their savings.
RAKBANK announced the launch of its new savings deposit account called Recurring Deposits that offers easy access to customers' funds, guaranteed principal, and the ability to earn up to 2.5 per cent interest on their savings.
It many be mentioned here that the finance division had held a meeting with Senior Joint Secretary (Budget) in chair to discuss the proposed amendments in National Savings Deposit Account Rules, Post Office Saving Bank Rules and Defence Savings Certificate Rules in pursuance of the Sindh High Court and recommendations of this Committee of Senate.