savings account

noun

: an account (as in a bank) on which interest is usually paid and from which withdrawals can be made usually only by presentation of a passbook or by written authorization on a prescribed form

Examples of savings account in a Sentence

She opened a savings account.

Recent Examples on the Web

The cuts, proposed just 10 days into the new budget year, siphon spending from five agencies and also draw down 10 percent of a state savings account earmarked for specific projects. —Erin Cox, Washington Post, 10 July 2024

Maintain a balanced portfolio in a retirement savings account with a company like Vanguard. —Jessica Guynn, USA TODAY, 10 July 2024

Yet stashing cash in envelopes not only forfeits the potential for a 4% to 5% return on money in a high-yield savings account but also leaves you vulnerable to theft. —Sharon Epperson, CNBC, 10 July 2024

If so, keep that amount in a high yield savings account, a money market account, or a short-term certificate of deposit. —Jennifer Morris, The Mercury News, 8 July 2024

Word History

First Known Use

1850, in the meaning defined above

Kids Definition

savings account

noun

: an account (as in a bank) on which interest is usually paid and from which withdrawals can be made