savings


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Related to savings: savings account, Savings Bonds

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

the proportion of income of a person (personal saving), company or institution (retained profits) that is not spent on current consumption. Savings are typically placed on deposit with a BANK, BUILDING SOCIETY, etc., or used to acquire financial and physical assets such as SHARES or plant. By forgoing immediate spending on consumption, savers seek to augment their future income through dividends, interest and rent receipts and through capital appreciation.

In real terms, savings are important in that they finance physical INVESTMENT in the economy, enabling a country to increase its CAPITAL STOCK and hence its overall capacity to produce a greater volume of products. See FINANCIAL SYSTEM, NATIONAL SAVINGS CERTIFICATE.

References in periodicals archive ?
He informed that the new rate for Defense Savings Certificate has been increased from 12.47 percent to 13.01 percent while the rate of Special Saving Certificate from 11.57 to 12.90, Regular Income Certificate from 12 percent to 12.96 percent.
The savings program, which also has a shorter 5-year maturity period compared to the regular Pag-IBIG Savings program, also now allows retirees and pensioners who were former Pag-IBIG Fund members to save.
Earlier this year, City Savings signed a deal to acquire 51 percent of cash remittance and payments firm Petnet from parent conglomerate Aboitiz Equity Ventures.
They conducted lectures through highlighting topics such as: Why saving is important, the history of World Savings Day, the role of savings in the national economy and how every depositor contributes to its development.
Government planned to mobilize up to one billion dollars from Pakistan's expatriates via savings certificates scheduled before the end of the current fiscal year.
According to the FSS, Thursday, it will disclose information about the nation's savings banks that offer loans with annual interest rates higher than 20 percent.
During the first ten months of the current financial year, the senior official said, net income from savings certificates stood at about Taka 400 billion.
National Savings is indeed a behemoth with an investor base of 7 million and a portfolio of USD 30 billion.
The Central Directorate of National Savings (CDNS), which works under the Ministry of Finance, is witnessing major withdrawals from almost all categories of its savings accounts, showed official data.
The introduction towards banking universe starts with savings account, and it would not be wrong to say that we all have at least one of these accounts despite other schemes available for investment.
- Samsung 65-inch 2160p 4K Smart LED Ultra HDTV  -   $749.99 ($350 Savings)
Hoyne Savings Bank, an Illinois-chartered savings bank and a wholly-owned subsidiary of Hoyne Financial Corporation, which in turn is wholly owned by Hoyne Savings, MHC, has said that it has completed the merger of Prospect Federal Savings Bank, a federally-chartered mutual savings bank, with and into Hoyne Savings Bank.