Savings account

Also found in: Dictionary, Thesaurus, Medical, Legal, Encyclopedia, Wikipedia.

Related to Savings account: current account, checking account

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.

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.

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.

savings account

see DEPOSIT ACCOUNT.

Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005

References in periodicals archive ?

Opening an account is a breeze.Sometimes opening a savings account is put off by some people because of the numerous documents, application forms and other steps to take.

FQ Approved Savings Account

To apply for the Emirates NBD Skywards Savings Account and Visa Debit Card, please visit https://www.emiratesnbd.com/en/priority-banking/our-solutions/accounts/savings-accounts/skywards-savings-account/

Emirates NBD and Emirates Skywards Define New Standards for Loyalty in UAE

"In recognition of the important roles played by women in society, Meethaq is proud to present them with the exclusive Neswa savings account. As the pioneer of Islamic banking in Oman, Meethaq is committed to reciprocating the trust and confidence reposed by our customers," Sulaiman Al Harthy, deputy chief executive officer, Islamic Banking, said.

Meethaq offers Neswa savings account for women

Gurugram (Haryana) [India], Feb 28 (ANI-NewsVoir): India's largest online lending marketplace Paisabazaar.com announced on Wednesday it has helped customers open over 2 lakh savings accounts through its platform in 2017-18.

Paisabazaar.com opens 2 lakh savings accounts in 2017-18

Earlier, Alizz Islamic Bank announced the launch of the first Sharia'a-based Bushra Savings Account in the sultanate, approved by the Sharia'a Supervisory Board.

ALIZZ ISLAMIC BANK HOLDS SECOND BUSHRA PRIZE SAVINGS ACCOUNT GRAND PRIZE DRAW

Savings accounts are the first to come to mind, but there are also certificates of deposits (CDs) and long-term funds that can be set up for retirement or college tuition.

How to choose where to save

Indian public sector lender, Syndicate Bank (532276.BOM) (SYNDIBANK.NS), has reduced the savings account interest rate for deposits up to INR 2.5m by 0.50 percent to 3.50 percent, the Press Trust of India has reported, citing a regulatory filing from the bank.

Syndicate Bank reduces savings account interest rate

Trump talks about the health savings account expansion idea on his campaign website, and he mentioned health savings account expansion briefly during campaign events.

HSAs and FSAs lose election attention war

Faysal Life plus Savings Account is specifically designed to cater to the financial needs of the esteemed senior population of 55 years of age and above.

Faysal Bank launches life plus savings account

Consumers interested in parking their money with (http://www.ibtimes.com/goldman-sachs-sees-headwinds-across-virtually-every-business-line-bank-releases-dour-2356055) Goldman  can now open a free online savings account through GS Bank with as little as $1.

Should You Bank With Goldman Sachs?

Ahlibank's Deputy CEO - Retail Banking, Andrew McKechnie said, "The Junior Savings Account is a product designed specifically to meet the long term savings needs of the emerging youth market, which we see as currently underserved in the Qatar market.

Ahlibank launches the Junior Savings Account

The extremely uncompetitive savings account market, in terms of interest rates, has clearly been a factor in the savings rate, as consumers haven't been tempted to lock money away.

Retail Savings in the UK - Key Trends and Opportunities to 2019 - New Report Available