savings bank

noun

Definition of savings bank

: a bank organized to hold funds of individual depositors in interest-bearing accounts and to make long-term investments (as in home mortgage loans)

Examples of savings bank in a Sentence

Recent Examples on the Web Eastern, founded in 1818 as a local savings bank serving Salem, north of Boston, now has $15.5 billion in assets and 89 branches in Massachusetts, New Hampshire and Rhode Island and a headquarters in Boston’s financial district. Ruth Simon, WSJ, "‘There Was a Piece Missing—We Were All White’: One Bank Targets Racial Inequity," 29 Dec. 2020 Sberbank, which is the successor of the Soviet Union’s savings bank, is attempting to reposition itself as a technology company that can provide customers with services from taxis to telemedicine. Anna Baraulina, Bloomberg.com, "Yandex’s $5.5 Billion Deal for TCS Collapses as Tinkov Balks," 16 Oct. 2020 So far, says Leishman, his customers have been treating the service like a savings bank with deposits—in the form of Bitcoin purchases—accounting for 97% of transactions. Jeff John Roberts, Fortune, "‘Bitcoin for Boomers’ startup River Financial raises $5.7M," 17 June 2020 Those figures include the performance of the company’s investment management arm and its federal savings bank, as well as its life insurance line. Greg Jefferson, ExpressNews.com, "Jefferson: USAA is feeling the heat from climate change," 24 Jan. 2020 Ultimately, having one Landesbank catering to the nation’s 380 or so savings banks — rather than half a dozen — is probably sufficient. Washington Post, "Deutsche Bank Is Only Part of Germany’s Misery," 10 Oct. 2019 Colleen worked for many years at Farmer's Mechanics savings bank, as a crossing guard at Farm Hill Elementary before working in the records department at the Middletown Police Station. courant.com, "Colleen Watrous," 12 Dec. 2019 In 1816, the first savings bank in the United States, the Philadelphia Savings Fund Society, opened. BostonGlobe.com, "In 1942, an artificially created, self-sustaining nuclear chain reaction was demonstrated for the first time at the University of Chicago.," 2 Dec. 2019 Landesbanken invest money for local savings banks (or Sparkassen) and have ventured out internationally and taken on more risk. Washington Post, "Deutsche Bank Is Only Part of Germany’s Misery," 10 Oct. 2019

These example sentences are selected automatically from various online news sources to reflect current usage of the word 'savings bank.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.

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First Known Use of savings bank

1813, in the meaning defined above

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Time Traveler for savings bank

Time Traveler

The first known use of savings bank was in 1813

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Statistics for savings bank

Last Updated

12 Jan 2021

Cite this Entry

“Savings bank.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/savings%20bank. Accessed 16 Jan. 2021.

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More Definitions for savings bank

savings bank

noun

English Language Learners Definition of savings bank

: a business where people keep money that they are saving in order to earn interest on it and where they can borrow money to buy homes, cars, etc.

savings bank

Legal Definition of savings bank

see bank

More from Merriam-Webster on savings bank

Britannica.com: Encyclopedia article about savings bank

Comments on savings bank

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