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savings account definition - finance
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. Savings accounts are insured by the U.S. government up to $100,000 per account through the Federal Deposit Insurance Corp. (FDIC). Banks, credit unions, and savings and loan institutions offer savings accounts. The interest earned on the accounts is taxable.

Webster's New World Finance and Investment Dictionary Copyright © 2003 by Wiley Publishing, Inc., Indianapolis, Indiana.
Used by arrangement with John Wiley & Sons, Inc.

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