savings account Definition
savings account
noun
an account in a bank on which interest is paid
savings account Finance Definition
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.
Browse dictionary entries near savings account
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