Savings account

(redirected from Savings accounts)
Also found in: Dictionary, Thesaurus.

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
References in periodicals archive ?
These exclusions of pooled trusts and investment designations might impact the way people with disabilities are able to maximize the benefits of setting up one of these savings accounts.
"Currently in the market, there are many temptations for consumers to obtain more credit facilities, however we at KFH-Bahrain realise that people need to save the smart way and therefore, we offer competitive savings accounts that are Sharia-compliant.
That may change with the availability of Health Savings Accounts and an understanding of its advantages.
Instead, look at regular savings accounts with no conditions.
If savers ensure they put money aside for unexpected costs, savings accounts can survive winter unscathed.
Taxpayers can continue to use the direct-deposit line on Form 1040 to send their refunds to one checking or savings account electronically.
75% say fewer than one in 10 clients have adopted Health Savings Accounts or Health Reimbursement Arrangements
The Whole Foods grocery chain uses health savings accounts to cover all its 30,000 workers, even part-time grocery baggers, at half the national corporate average for health care costs.
* Reform Commission Plan 2 (Model 2): In 2001 President Bush charged a commission to come up with a plan to restore Social Security to a sound footing while making personal savings accounts available to younger workers who want them.
Pappel, owner of Executive Auto Sales, said health savings accounts were attractive because of the upfront savings in premium costs.
Conservatives claim health savings accounts will encourage people to more closely monitor their health care spending and bring down medical costs.