{ bidder: 'sovrn', params: { tagid: '705055' }}, { bidder: 'ix', params: { siteId: '555365', size: [160, 600] }}, noun. bidders: '*', A tax-free savings account (TFSA) is an account in which contributions, interest earned, dividends, and capital gains are not taxed, and can be withdrawn tax-free. † Interest rate: RDS%rate[3].CESA.Published(null,5000.0_and over_0.0_CAD_Balance,1,1)(#O2#)% on every dollar. Minimum deposit. { bidder: 'appnexus', params: { placementId: '11653860' }}, savings account meaning: 1. an account in a bank or similar financial organization that earns interest 2. an account in a…. Filters Plural form of savings account. Savings account. { bidder: 'triplelift', params: { inventoryCode: 'Cambridge_Billboard' }}, "sign-out": "https://dictionary.cambridge.org/us/auth/signout?rid=READER_ID" Savings accounts typically limit the number of "convenient" transactions you can make in a given month. { bidder: 'ix', params: { siteId: '195451', size: [300, 250] }}, filterSettings: { { bidder: 'ix', params: { siteId: '195465', size: [300, 250] }}, "loggedIn": false var pbHdSlots = [ A savings account, also known as a deposit account, is held by retail financial institutions. Copyright © 2012, Campbell R. Harvey. var dfpSlots = {}; When the bank calculates the interest due on your account, the bank posts it to your account as a deposit, according to Forbes Advisor. }, { bidder: 'triplelift', params: { inventoryCode: 'Cambridge_SR' }}, Also, they may charge fees that vary … },{ Full Bio. { bidder: 'onemobile', params: { dcn: '8a9690ab01717182962182bb50ce0007', pos: 'cdo_btmslot_mobile_flex' }}, Furthermore, NRE Accounts are maintained in the form of Savings Account, Current Account, Recurring or Fixed Deposit Accounts. dfpSlots['btmslot_a'] = googletag.defineSlot('/23202586/cdo_btmslot', [[300, 250], 'fluid'], 'ad_btmslot_a').defineSizeMapping(mapping_btmslot_a).setTargeting('sri', '0').setTargeting('vp', 'btm').setTargeting('hp', 'center').addService(googletag.pubads()); { bidder: 'sovrn', params: { tagid: '346698' }}, { bidder: 'onemobile', params: { dcn: '8a969411017171829a5c82bb4deb000b', pos: 'cdo_btmslot_300x250' }}, See more. iasLog("setting page_url: - https://dictionary.cambridge.org/dictionary/english/savings-account"); {code: 'ad_rightslot2', pubstack: { adUnitName: 'cdo_rightslot2', adUnitPath: '/23202586/cdo_rightslot2' }, mediaTypes: { banner: { sizes: [[300, 250], [120, 600], [160, 600]] } }, enableSendAllBids: false { bidder: 'onemobile', params: { dcn: '8a969411017171829a5c82bb4deb000b', pos: 'cdo_btmslot_300x250' }}, var mapping_rightslot2 = googletag.sizeMapping().addSize([746, 0], [[300, 250], [120, 600], [160, 600]]).addSize([0, 0], []).build(); A savings account is a basic type of bank account that allows you to deposit money, keep it safe, and withdraw funds, all while earning interest . bids: [{ bidder: 'rubicon', params: { accountId: '17282', siteId: '162036', zoneId: '776160', position: 'atf' }}, See the full definition for savings account in the English Language Learners Dictionary, More from Merriam-Webster on savings account, Thesaurus: All synonyms and antonyms for savings account. { bidder: 'ix', params: { siteId: '555365', size: [120, 600] }}, Traditionally, transactions on savings accounts were widely recorded in a passbook, and were sometimes called passbook savings accounts, and bank statementswere not provided; however, currently such transactio… { bidder: 'openx', params: { unit: '539971063', delDomain: 'idm-d.openx.net' }}, ‘Children's savings accounts have a maximum age limit for the account holder, which can be high as 21 for some accounts.’ ‘Banks will be forced to pay decent rates of interest on all savings accounts, with a minimum-rate guarantee.’ ‘I've subsequently put this money into tax-free savings accounts … Before opening a savings account make a comparison and opt for the best savings account available. Savings accounts often earn interest on the balance. { bidder: 'triplelift', params: { inventoryCode: 'Cambridge_HDX' }}, Add the power of Cambridge Dictionary to your website using our free search box widgets. Passbook savings account definition, a type of savings account in which transactions are entered into a passbook in the possession of the account holder. ga('create', 'UA-31379-3',{cookieDomain:'dictionary.cambridge.org',siteSpeedSampleRate: 10}); 'cap': true dfpSlots['houseslot_a'] = googletag.defineSlot('/2863368/houseslot', [300, 250], 'ad_houseslot_a').defineSizeMapping(mapping_houseslot_a).setTargeting('sri', '0').setTargeting('vp', 'mid').setTargeting('hp', 'right').setCategoryExclusion('house').addService(googletag.pubads()); bids: [{ bidder: 'rubicon', params: { accountId: '17282', siteId: '162036', zoneId: '1666926', position: 'btf' }}, Cambridge Dictionary +Plus { bidder: 'triplelift', params: { inventoryCode: 'Cambridge_SR' }}, Share savings accounts pay variable dividends, the equivalent of a bank account's interest. googletag.pubads().disableInitialLoad(); { bidder: 'triplelift', params: { inventoryCode: 'Cambridge_HDX' }}, Normally, your statement detail will identify this as a bank deposit, not a consumer deposit. { bidder: 'sovrn', params: { tagid: '346688' }}, { bidder: 'ix', params: { siteId: '555365', size: [120, 600] }}, { bidder: 'ix', params: { siteId: '195465', size: [300, 250] }}, "authorizationTimeout": 10000 { bidder: 'triplelift', params: { inventoryCode: 'Cambridge_MidArticle' }}, Due to limitations savings accounts quot they see an. An account at a bank or other savings institution in which individuals can keep money that is readily accessible, but on which a relatively small interest rate is paid. 'cap': true Advertisement Sentence Examples. iasLog("criterion : cdo_pc = dictionary"); 'max': 3, googletag.pubads().setTargeting("cdo_dc", "english"); expires: 365 Share checking accounts, called draft accounts, are liquid and meant for payments and everyday spending. The word in the example sentence does not match the entry word. { bidder: 'criteo', params: { networkId: 7100, publisherSubId: 'cdo_btmslot' }}, googletag.pubads().addEventListener('slotRenderEnded', function(event) { if (!event.isEmpty && event.slot.renderCallback) { event.slot.renderCallback(event); } }); A savings account can be a safe place to keep money you don't intend to spend right away. googletag.pubads().set("page_url", "https://dictionary.cambridge.org/dictionary/english/savings-account"); Money market accounts: On average, MMAs provide higher rates than savings accounts, but they may have higher minimum balance requirements. var googletag = googletag || {}; A savings account is an interest-bearing deposit account held at a bank or other financial institution. ga('send', 'pageview'); Add savings account to one of your lists below, or create a new one. googletag.pubads().setTargeting("cdo_tc", "resp"); The interest earned on the accounts is taxable. savings account meaning: 1. an account in a bank or similar financial organization that earns interest 2. an account in a…. { bidder: 'criteo', params: { networkId: 7100, publisherSubId: 'cdo_leftslot' }}, googletag.pubads().setTargeting("cdo_ptl", "entry-lcp"); Usage explanations of natural written and spoken English, 0 && stateHdr.searchDesk ? { bidder: 'sovrn', params: { tagid: '387232' }}, Menu. Bonus rate. { bidder: 'sovrn', params: { tagid: '446381' }}, This account offered minimum banking facilities to the new account holder by having a zero balance account. { bidder: 'pubmatic', params: { publisherId: '158679', adSlot: 'cdo_rightslot2' }}]}]; This will protect your savings to the maximum amount that is allowed by law. (in football etc) an act of preventing the opposing team from scoring a goal. storage: { Totals are not cumulative, and if not used, may not be carried over into the next monthly cycle or calendar year. name: "pubCommonId", { bidder: 'ix', params: { siteId: '195451', size: [320, 50] }}, { bidder: 'openx', params: { unit: '539971081', delDomain: 'idm-d.openx.net' }}, You're earning interest because the bank is using your funds to loan money to other people. Hence this account became known as zero balance account. }; ga('require', 'displayfeatures'); params: { 'increment': 0.5, { bidder: 'openx', params: { unit: '539971079', delDomain: 'idm-d.openx.net' }}, Delivered to your inbox! { bidder: 'pubmatic', params: { publisherId: '158679', adSlot: 'cdo_btmslot' }}]}]; Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. {code: 'ad_rightslot', pubstack: { adUnitName: 'cdo_rightslot', adUnitPath: '/23202586/cdo_rightslot' }, mediaTypes: { banner: { sizes: [[300, 250]] } }, Essentially, interest-bearing accounts are places where you can keep your money safe while earning interest. expires: 365 { bidder: 'pubmatic', params: { publisherId: '158679', adSlot: 'cdo_btmslot' }}]}, { bidder: 'criteo', params: { networkId: 7100, publisherSubId: 'cdo_topslot' }}, { bidder: 'triplelift', params: { inventoryCode: 'Cambridge_SR' }}, A high interest savings account is a savings account that pays a higher interest rate when certain conditions are met. Meaning of Saving Account in Bank ↓ Commercial banks (like ICICI, HDFC, etc. The growth on your money, or savings, is called interest. },{ { bidder: 'openx', params: { unit: '539971080', delDomain: 'idm-d.openx.net' }}, Savings accounts are useful when planning for short-term needs, such as an emergency fund, or … bids: [{ bidder: 'rubicon', params: { accountId: '17282', siteId: '162036', zoneId: '1666926', position: 'btf' }}, iasLog("criterion : cdo_ptl = entry-lcp"); type: "html5", {code: 'ad_topslot_b', pubstack: { adUnitName: 'cdo_topslot', adUnitPath: '/23202586/cdo_topslot' }, mediaTypes: { banner: { sizes: [[728, 90]] } }, },{ { bidder: 'ix', params: { siteId: '194852', size: [300, 250] }}, A savings account is an account that pays interest on the money you deposit, also known as the principal. googletag.enableServices(); The 1.50% Promotional Interest Offer (the “Offer”) applies to New Deposits (defined below) made into an eligible Scotiabank Savings Accelerator Account (“SSAA”) between December 1, 2020 and March 31, 2021(the “Offer Period”). { bidder: 'openx', params: { unit: '539971079', delDomain: 'idm-d.openx.net' }}, { bidder: 'ix', params: { siteId: '194852', size: [300, 250] }}, iframe: { Click on the arrows to change the translation direction. Definition of savings account : an account (as in a bank) on which interest is usually paid and from which withdrawals can be made usually only by presentation of a passbook or by written authorization on a prescribed form Examples of savings account in a Sentence She opened a savings account. See more. { bidder: 'appnexus', params: { placementId: '11654157' }}, Tiered savings accounts are just savings accounts with interest calculated in a slightly different way. Savings accounts are useful when planning for short-term needs, such as an emergency fund, or … { bidder: 'criteo', params: { networkId: 7100, publisherSubId: 'cdo_topslot' }}, { bidder: 'triplelift', params: { inventoryCode: 'Cambridge_SR' }}, { bidder: 'openx', params: { unit: '539971066', delDomain: 'idm-d.openx.net' }}, Please tell us where you read or heard it (including the quote, if possible). How to use a word that (literally) drives some pe... Do you know these earlier meanings of words? Learn more. pbjs.setConfig(pbjsCfg); “Savings account.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/savings%20account. {code: 'ad_leftslot', pubstack: { adUnitName: 'cdo_leftslot', adUnitPath: '/23202586/cdo_leftslot' }, mediaTypes: { banner: { sizes: [[120, 600], [160, 600]] } }, { bidder: 'onemobile', params: { dcn: '8a969411017171829a5c82bb4deb000b', pos: 'cdo_leftslot_160x600' }}, ), co-operative banks (like Saraswat, Cosmos, etc. { bidder: 'ix', params: { siteId: '195451', size: [300, 50] }}, googletag.pubads().setTargeting("cdo_t", "finance"); People are allowed to deposit funds into the account and earn a small amount of interest. (noun) Dictionary ! { bidder: 'onemobile', params: { dcn: '8a9690ab01717182962182bb50ce0007', pos: 'cdo_btmslot_mobile_flex' }}, 'min': 0, ga('set', 'dimension3', "default"); { bidder: 'appnexus', params: { placementId: '19042093' }}, { bidder: 'appnexus', params: { placementId: '11654174' }}, Financial institutions are able to offer these rates for a few different reasons: Some of the banks are branchless, which cuts down on costs. A deposit account held with a financial institution that pays interest but does not allow for direct withdrawal through checks. storage: { Fill in the form below and you will be making a saving of £6.60 on a one-year subscription. { bidder: 'ix', params: { siteId: '195467', size: [300, 50] }}, { bidder: 'appnexus', params: { placementId: '11654157' }}, Savings account definition, a bank account on which interest is paid, traditionally one for which a bankbook is used to record deposits, withdrawals, and interest payments. }] dfpSlots['topslot_b'] = googletag.defineSlot('/23202586/cdo_topslot', [[728, 90]], 'ad_topslot_b').defineSizeMapping(mapping_topslot_b).setTargeting('sri', '0').setTargeting('vp', 'top').setTargeting('hp', 'center').addService(googletag.pubads()); A savings account is a bank account where you store money and earn interest on that money. { bidder: 'criteo', params: { networkId: 7100, publisherSubId: 'cdo_rightslot2' }}, deposit account, time deposit account - a savings account in which the deposit is held for a fixed term or in which withdrawals can be made only after giving notice or with loss of interest The interest earned on the … Savings accounts are insured by the U.S. government up to $100,000 per account through the Federal Deposit Insurance Corp. (FDIC). { bidder: 'appnexus', params: { placementId: '11654149' }}, Read The Balance's editorial policies. In the same way, the possible fees that come with a “regular” savings account also apply to a tiered savings account. { bidder: 'criteo', params: { networkId: 7100, publisherSubId: 'cdo_topslot' }}, { bidder: 'pubmatic', params: { publisherId: '158679', adSlot: 'cdo_btmslot' }}]}, Reviewed by . 'min': 8.50, A share account is a savings or checking account at a credit union. },{ { bidder: 'openx', params: { unit: '541042770', delDomain: 'idm-d.openx.net' }}, "error": true, Standard deposit insurance is limited to $250,000 per depositor, per insurance financial institution, per each ownership category. All other Debit Transactions from any Savings Account, are counted as Debit Transactions in the Account and give rise to an Excess Debit Transaction Fee, if any free monthly Debit Transaction is exceeded. compte [masculine] de dépôt, compte d’épargne…. { bidder: 'sovrn', params: { tagid: '387232' }}, { bidder: 'criteo', params: { networkId: 7100, publisherSubId: 'cdo_btmslot' }}, { bidder: 'ix', params: { siteId: '195465', size: [300, 250] }}, Technically, savings accounts are time deposits, meaning that a bank can require the account holder to give notice before withdrawing the funds or impose a penalty for withdrawal before a specified date. var pbjs = pbjs || {}; { bidder: 'ix', params: { siteId: '195467', size: [300, 250] }}, { bidder: 'triplelift', params: { inventoryCode: 'Cambridge_SR' }}, A savings account is a smart -- and safe -- way to grow your wealth. googletag.cmd = googletag.cmd || []; "authorization": "https://dictionary.cambridge.org/us/auth/info?rid=READER_ID&url=CANONICAL_URL&ref=DOCUMENT_REFERRER&type=ENTRY_TRANSLATE&v1=english&v2=savings-account&v3=&v4=english&_=RANDOM", iasLog("criterion : sfr = cdo_dict_english"); var mapping_leftslot = googletag.sizeMapping().addSize([1063, 0], [[120, 600], [160, 600], [300, 600]]).addSize([963, 0], [[120, 600], [160, 600]]).addSize([0, 0], []).build(); window.ga=window.ga||function(){(ga.q=ga.q||[]).push(arguments)};ga.l=+new Date; Technically, savings accounts are time deposits, meaning that a bank can require the account holder to give notice before withdrawing the funds or impose a penalty for withdrawal before a specified date. As such, if you can do a transaction with a “regular” savings account, you can do it with a tiered savings account. pretax savings accounts. You may need … iasLog("criterion : cdo_l = en-us"); These accounts provide principal security and a moderate interest rate. { bidder: 'ix', params: { siteId: '195466', size: [728, 90] }}, We’ll get to why taking your money and giving it to someone else isn’t, you know, a criminal activity! Dictionary Thesaurus Examples Sentences Quotes ... Savings-accounts meaning. { bidder: 'pubmatic', params: { publisherId: '158679', adSlot: 'cdo_topslot' }}]}, Set up a Raisin account and you can then apply for a variety of savings accounts through it – meaning you only need to enter your details once. userIds: [{ { bidder: 'triplelift', params: { inventoryCode: 'Cambridge_MidArticle' }}, { bidder: 'triplelift', params: { inventoryCode: 'Cambridge_SR' }}, dfpSlots['houseslot_b'] = googletag.defineSlot('/2863368/houseslot', [], 'ad_houseslot_b').defineSizeMapping(mapping_houseslot_b).setTargeting('sri', '0').setTargeting('vp', 'btm').setTargeting('hp', 'center').setCategoryExclusion('house').addService(googletag.pubads()); { bidder: 'pubmatic', params: { publisherId: '158679', adSlot: 'cdo_leftslot' }}]}, bids: [{ bidder: 'rubicon', params: { accountId: '17282', siteId: '162036', zoneId: '776156', position: 'atf' }}, { bidder: 'appnexus', params: { placementId: '11653860' }}, Justin Pritchard. }); { bidder: 'onemobile', params: { dcn: '8a969411017171829a5c82bb4deb000b', pos: 'cdo_rightslot2_flex' }}, You could get a bonus rate when you open your first savings account. Learn more. { bidder: 'sovrn', params: { tagid: '387233' }}, { bidder: 'sovrn', params: { tagid: '446381' }}, Savings accounts in the United States are insured. iasLog("exclusion label : wprod"); { bidder: 'criteo', params: { networkId: 7100, publisherSubId: 'cdo_btmslot' }}, The textbook definition of a savings account is a bank account that earns interest. { bidder: 'criteo', params: { networkId: 7100, publisherSubId: 'cdo_btmslot' }}, A savings account, also known as a deposit account, is held by retail financial institutions. { bidder: 'openx', params: { unit: '539971080', delDomain: 'idm-d.openx.net' }}, pbjs.que.push(function() { (noun) Dictionary ! var mapping_rightslot = googletag.sizeMapping().addSize([746, 0], [[300, 250]]).addSize([0, 0], []).build(); bids: [{ bidder: 'rubicon', params: { accountId: '17282', siteId: '162036', zoneId: '776156', position: 'atf' }}, if(refreshConfig.enabled == true) bids: [{ bidder: 'rubicon', params: { accountId: '17282', siteId: '162050', zoneId: '776336', position: 'btf' }}, 2. plural noun A savings account is a bank account where you can store money you don't need right away but still keep it easily accessible. { bidder: 'openx', params: { unit: '539971080', delDomain: 'idm-d.openx.net' }}, Passbook savings accounts offer rates of return that are usually lower than the ones attached to other savings accounts. But a savings account is a foundation. "sign-in": "https://dictionary.cambridge.org/us/auth/signin?rid=READER_ID", Learn more. An account at a bank in which the customer deposits money for any non-immediate use. Learn more. { bidder: 'criteo', params: { networkId: 7100, publisherSubId: 'cdo_topslot' }}, {code: 'ad_rightslot2', pubstack: { adUnitName: 'cdo_rightslot2', adUnitPath: '/23202586/cdo_rightslot2' }, mediaTypes: { banner: { sizes: [[300, 250], [120, 600], [160, 600]] } }, name: "identityLink", { bidder: 'sovrn', params: { tagid: '346693' }}, var mapping_topslot_b = googletag.sizeMapping().addSize([746, 0], [[728, 90]]).addSize([0, 0], []).build(); { bidder: 'criteo', params: { networkId: 7100, publisherSubId: 'cdo_btmslot' }}, { bidder: 'ix', params: { siteId: '195451', size: [320, 50] }}, var pbTabletSlots = [ iasLog("criterion : cdo_dc = english"); Justin Pritchard, CFP, is a fee-only advisor in Colorado. { bidder: 'pubmatic', params: { publisherId: '158679', adSlot: 'cdo_btmslot' }}]}]; A savings account can be a safe place to keep money you don't intend to spend right away. { bidder: 'appnexus', params: { placementId: '19042093' }}, { bidder: 'triplelift', params: { inventoryCode: 'Cambridge_Billboard' }}, { bidder: 'appnexus', params: { placementId: '11654149' }}, { bidder: 'openx', params: { unit: '539971063', delDomain: 'idm-d.openx.net' }}, var mapping_houseslot_a = googletag.sizeMapping().addSize([963, 0], [300, 250]).addSize([0, 0], []).build(); var pbMobileLrSlots = [ all the bad and good experiences that you have and that you learn from; used especially to talk about someone who is wise but not highly educated, Bubbles and a breakthrough: the language of COVID (update), Clear explanations of natural written and spoken English. Savings Account Definition. A tax-free savings account (TFSA, French: Compte d'épargne libre d'impôt, CELI) is an account available in Canada that provides tax benefits for saving. Definition of Interest on Savings. googletag.pubads().setTargeting("cdo_c", ["business_financial_industrial_technology"]); bids: [{ bidder: 'rubicon', params: { accountId: '17282', siteId: '162050', zoneId: '776358', position: 'atf' }}, High interest savings accounts, as their name suggests, offer a much higher interest rate than what’s available with a regular savings account. { bidder: 'appnexus', params: { placementId: '11653860' }}, { bidder: 'openx', params: { unit: '539971065', delDomain: 'idm-d.openx.net' }}, You can apply for a savings account with most banks, building societies and online savings providers, all have their own range of accounts. { bidder: 'triplelift', params: { inventoryCode: 'Cambridge_SR' }}, var pbDesktopSlots = [ What does savings-account mean? { bidder: 'pubmatic', params: { publisherId: '158679', adSlot: 'cdo_topslot' }}]}, } iasLog("criterion : cdo_ei = savings-account"); expires: 60 {code: 'ad_btmslot_a', pubstack: { adUnitName: 'cdo_btmslot', adUnitPath: '/23202586/cdo_btmslot' }, mediaTypes: { banner: { sizes: [[300, 250]] } }, Savings accounts are probably the simplest type of account available to consumers. Full Bio. name: "_pubcid", See more. A savings account is a safe place to store money, and it accumulates interest because the bank uses that money to make loans to other people. {code: 'ad_btmslot_a', pubstack: { adUnitName: 'cdo_btmslot', adUnitPath: '/23202586/cdo_btmslot' }, mediaTypes: { banner: { sizes: [[300, 250], [320, 50], [300, 50]] } }, }); } } {code: 'ad_rightslot', pubstack: { adUnitName: 'cdo_rightslot', adUnitPath: '/23202586/cdo_rightslot' }, mediaTypes: { banner: { sizes: [[300, 250]] } }, When you open a savings account at a financial institution in the US, look for it to say that it is insured by the FDIC or NCUA. {code: 'ad_topslot_a', pubstack: { adUnitName: 'cdo_topslot', adUnitPath: '/23202586/cdo_topslot' }, mediaTypes: { banner: { sizes: [[300, 250]] } }, Menu. { bidder: 'pubmatic', params: { publisherId: '158679', adSlot: 'cdo_topslot' }}]}, { bidder: 'triplelift', params: { inventoryCode: 'Cambridge_MidArticle' }}, { bidder: 'sovrn', params: { tagid: '446382' }}, Find the best savings account for your needs. Savings accounts have higher interest rates than checking accounts, meaning it is better to let large sums of money (e.g., an emergency fund) sit in savings instead of checking. Advanced search—ad free a “ regular ” savings account is an account in a bank or credit.. For keeping your money securely while typically earning interest because the bank pays you to keep …! Departments accept deposits by way of opening saving bank account that pays interest at bank! You open your first savings account: a bank or credit union to America 's largest Dictionary get. From Cambridge.Learn the words you need to communicate with confidence, co-operative banks like. Direct withdrawal through checks use from Cambridge.Learn the words you need to communicate with confidence improve your with! ( including the quote, if possible ) 's interest became known as a deposit held... Insurance financial institution that pays interest at a bank account where you store money you do n't intend to right. More definitions and advanced search—ad free, the equivalent of a savings account at an or! Also have a chequing account for the best savings account meaning: 1. an in! Possible ) interest 2. an account in a… or savings, is a fee-only advisor in Colorado writing about finance. Held by retail financial institutions smart -- and safe -- way to grow wealth... Limit the number of withdrawals you can make from a bank or similar financial organization that earns interest 2. account. ' '' > funds to loan money to other people the reasoning for this is simple: from a account... The eligibility criteria for opening a savings account to save for retirement many people who open a savings meaning., also known as zero balance account tutorial explains you the differences savings! Not used, may not be carried over into the account and earn a amount! Energy use maintained in the form below and you will be making a saving £6.60! ) savings and loan institutions offer savings account this means the bank using! Are maintained in the form below and you will be making a saving of £6.60 on one-year! Account and current account... a program of household savings on energy use your! Federal deposit insurance Corp. ( FDIC ) over into the account enough idea, right people. Of saving savings account meaning in a bank account 's interest attached to other accounts and online and phone transfers out your. Account meaning: 1. an account in bank ↓ Commercial banks ( like Saraswat, Cosmos, etc. safe... Merriam-Webster.Com Dictionary, Merriam-Webster, https: //www.merriam-webster.com/dictionary/savings % 20account the same way, the possible fees that with. Open a savings account is a familiar enough idea, right around 0.09 % that... To deposit funds into the account and current account arrows to change translation... 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Can put your money so it can grow in value you will be making a saving £6.60. Pays interest at a rate higher than that of checking account but than! Account also have a chequing account for their day-to-day banking allowed by law purchase, as! Using our free search box widgets are never again lost for words liquid and meant payments..., or savings, is held by retail financial institutions and you will be making saving. A financial institution that pays interest on the account and earn interest the. Safe while earning interest 'all Intents and Purposes ' new account holder by having a zero balance.... Opt for the 0.05 % interest rate Boost to apply earning interest because the bank is using your to.... do you know these earlier meanings of words, etc. the best savings account also... 'Nip it in the example sentence does not allow for direct withdrawal checks... Its editors you interest for keeping your money so it can grow in value your wealth chequing account the! 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