savings accountsavings account
savings account - Investment & 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.