What does savings account mean?

Definitions for savings account
sav·ings ac·count

This dictionary definitions page includes all the possible meanings, example usage and translations of the word savings account.

Princeton's WordNet

  1. savings accountnoun

    a bank account that accumulates interest

Wiktionary

  1. savings accountnoun

    A bank account designed for a client's savings, which compared to a current account typically entails withdrawal restrictions but yields a better interest

ChatGPT

  1. savings account

    A savings account is a type of deposit account held at a financial institution that provides a secure and interest-bearing place for individuals to store their money. It is typically used for money that isn't intended for daily expenditure but for future use. The account often has restrictions on the number of transactions allowed without incurring fees and usually offers a higher interest rate compared to a checking account. These accounts are generally insured by the government up to a certain amount.

Wikidata

  1. Savings account

    Saving accounts are accounts maintained by retail financial institutions that pay interest but cannot be used directly as money in the narrow sense of a medium of exchange. These accounts let customers set aside a portion of their liquid assets while earning a monetary return. For the bank, money in a savings account may not be callable immediately and in some jurisdictions, does not incur a reserve requirement, freeing up cash from the bank's vault to be lent out with interest. The other major types of deposit account are transactional account, money market account, and time deposit.

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Numerology

  1. Chaldean Numerology

    The numerical value of savings account in Chaldean Numerology is: 6

  2. Pythagorean Numerology

    The numerical value of savings account in Pythagorean Numerology is: 6

Examples of savings account in a Sentence

  1. Janet Bodnar:

    Set up a savings account earmarked for your vacation and make regular, automatic contributions, you want to make sure funds are held in an FDIC-insured institution, and compare interest rates to what you’d get at a bank — though interest rates at banks are so low right now it’s almost shameful.

  2. Greg McBride:

    In other words, I Bonds are not a replacement for your savings account.

  3. Mahkyra Gaines of the Gender:

    If you have access to generational wealth, if you’re white and your parents have a savings account that is very much so connected to slavery and land theft, pay people, pay people directly. Give them the money so they can have the financial security in order to rest and to heal and to connect with their communities. ... Pay that money to us now.

  4. The Dorfman Family:

    I’ve talked to at least a half a dozen families this week alone that have already met their (health savings account) maximum, in the first six weeks of the year.

  5. Kristin Wong:

    We saved the difference in a small savings account, and then used it to contribute to a road trip to Yosemite later in the year.


Translations for savings account

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"savings account." Definitions.net. STANDS4 LLC, 2024. Web. 19 Mar. 2024. <https://www.definitions.net/definition/savings+account>.

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