Savings Account Definition

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Definition Of Savings Account:

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. 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.Other definition of savings account- Bank or other depository institution account (1) from which withdrawals can be made, (2) interest accrues on the account balance, (3) does not have any maturity date, and (4) usually does not require a minimum balance.

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