Savings deposits


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Savings deposits

Accounts that pay interest, typically at below-market interest rates, that do not have a specific maturity, and that usually can be withdrawn upon demand.

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.
References in periodicals archive ?
"However, accounting for income tax benefits associated with interest in savings deposits, the difference between annualised returns of liquid funds and savings accounts moderates to 0.87 percent to 1.63 percent for an individual at the highest tax bracket," he added.
Qatari conventional banks' had QR59.49bn and QR112.2bn in private demand and time & savings deposits in riyals and QR10.97bn and QR45.07bn in foreign currency; while Islamic banks saw QR27.35bn and QR81.03bn in demand and time & savings (riyal denominated) and QR1.89bn and QR16.73bn in foreign currency.
The increase in total deposits was mainly due to an increase in non-interest bearing deposits of USD29.8 million and money market and savings deposits of USD22.6 million, offset by a decrease in time deposits of USD34.1 million and interest-bearing deposits of 3.0 million.
The fall in oil prices had mainly impacted time and savings deposit procurement.
At Mashreq, savings deposit rate remains steady, but for fixed deposits, rates dropped from 2.29 per cent last year to 1.25 per cent.
Addressing German concerns about supervision of all 6,000 banks in the euro zone, Barroso said the European Commission did not want to use German savings accounts deposits to guarantee savings deposits in Spain.
M2 is a category of money supply that includes general use in addition to all time-related deposits, savings deposits, and non-institutional money-market funds.
Chief executive Graham Beale said the group's balance sheet was among the strongest in the industry, but warned that Europe's debt crisis was forcing up the cost of industry funding - fuelling greater competition for savings deposits at a time when the market is growing slowly.
Despite the high rate of poverty, towering unemployment and persistent uncertainty caused by the economic crisis in the world, bankers are satisfied -- savings deposits are rising although not at the same speed as previous years.
M1A shows currency in circulation, checking accounts, and passbook deposits; M1B is M1A plus the passbook savings deposits; and M2 plus quasi-money, including time and savings deposits, foreign currency deposits, and postal savings deposits.
Fortunately, in 2006, Opportunity International Bank of Malawi (OIBM) began to offer savings deposits services to their clients.
Although the varieties of savings vehicles and services available through banks and other financial institutions seem endless, they may generally be grouped into one of four categories--demand deposits, time deposits, savings deposits, or life insurance and annuities.