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Longman Dictionary of Contemporary English
savings account
▪ Barclays' survey reveals that £100 deposited in a savings account in 1899 would have grown to £13,601 today.
▪ But if you stash 90 % of your money in a savings account, your overall results will almost inevitably be mediocre.
savings account

n. (context finance English) A bank account designed for a client's savings, which compared to a current account typically entails withdrawal restrictions but yields a better interest

savings account

n. a bank account that accumulates interest

Savings account

Saving accounts (UK: 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 cheque). 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. Cash in the bank's vaults may thus be used, for example, to fund interest-paying loans.

The other major types of deposit account are the transactional account (usually known as a "checking" (US) or "current" (UK) account), money market account and time deposit.

Usage examples of "savings account".

Tcholok had no known police record, $46,000 in a savings account at the San Fernando Savings and Loan, and $8,700 in her checking account at the Los Angeles and California Bank.

On the day before departure he transferred his savings account into his checking account.

All of her money would go into a savings account that would later be used to make a down payment on a house.

She had a savings account with us under the name of Janice Carpenter.

After she died, I opened a little savings account, and I salt it away.

Brian knew that I had a savings account but he never asked me how much I had in it, and I would serve fried mush or do any symbolic equivalent as often as needed before I would buy groceries with my own money.

That was possible only if she had never purchased anything on time payments, had never possessed a credit card of any kind, had never opened a checking or savings account, and had never been the subject of a background check by an employer or landlord.

They showed him a bankbook indicating that a savings account for one Serendipity Dahlquist had been opened in the year 1968.