Savings Account
Savings 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 (for example, by writing a check). 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 (checking) account, money market account, and time deposit.
Read more about Savings Account: Regulation, Costs, Online Savings Accounts
Famous quotes containing the word account:
“Then he looked up at his disciples and said: Blessed are you who are poor, for yours is the kingdom of God.
Blessed are you who are hungry now, for you will be filled.
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Blessed are you when people hate you, and when they exclude you, revile you, and defame you on account of the Son of Man.”
—Bible: New Testament, Luke 6:20-22.