Examples of savings account in a Sentence
She opened a savings account.
Recent Examples of savings account from the Web
Even families that had healthy savings accounts when Maria struck have often found the money goes quickly.
The goal is to provide $500 in a college savings account for every Oakland baby born into poverty, as well as a $100 college scholarship for each kindergartner and up to $16,000 for all eligible seniors to help cover college costs.
Indeed, for car owners who don’t have a nest egg or even a savings account, the option to get a second opinion can range from costly to impossible.
And usually, what the people want is dope designer clothing, and to keep their savings accounts.
With so many planets highlighting your second house, this is an excellent time to discuss a raise with your boss, transfer money into a savings account, or even experiment with your investment strategies.
Taking financial responsibility, why to establish a checking/savings account, and debit card/overdraft protection.
States, especially those governed by Republicans, are expanding schemes such as vouchers and education savings accounts, where the state transfers cash directly to parents.
Practices vary widely; some schools maintain large savings accounts, relative to operating budgets, while others operate with little or no cushion.
These example sentences are selected automatically from various online news sources to reflect current usage of the word 'savings account.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.
First Known Use of savings account
Financial Definition of SAVINGS ACCOUNT
What It Is
A savings account is a low-risk, interest-bearing deposit with a bank or other financial institution.
How It Works
Technically, savings accounts are time deposits, meaning that a bank can require the account holder to give notice before withdrawing the funds or impose a penalty for withdrawal before a specified date. Banks do not generally exercise this right, but institutions restrict the number of transactions allowed in and out of a savings account per month. Also, they may charge fees that vary with the average balance in the account. Institutions do not usually provide checks for savings accounts.
The interest rates on savings accounts vary by institution but are generally lower than interest rates on longer-term deposits, such as CDs or money market accounts. Interest is usually compounded monthly.
It is important to note that the interest rate paid on a savings account may be below the inflation rate, meaning that the account actually might lose purchasing power over time despite the interest earned.
Aside from the traditional savings account described here, the United States and other countries allow certain people to open special savings accounts, such as Health Savings Accounts or Coverdell Education Savings Accounts. Investors use these unique savings accounts to pay for specific items and they have special rules and tax implications.
Why It Matters
Savings accounts are conservative, low-risk investments because the Federal Depository Insurance Corporation typically insures the accounts (up to a limit) and account owners can access their funds easily. For these reasons, the interest rate on savings accounts tends to be lower than riskier or longer-term investments such as CDs, mutual funds, or corporate bonds.
SAVINGS ACCOUNT Defined for English Language Learners
Definition of savings account for English Language Learners
: a bank account in which people keep money that they want to save
Seen and Heard
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