SAVINGSACCOUNT

Savings account

Saving 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 . 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, freeing up cash from the bank's vault to be lent out with interest.

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savings account

Noun

  1. A bank account designed for a client's savings, which compared to a current account typically entails withdrawal restrictions but yields a better interest


The above text is a snippet from Wiktionary: savings account
and as such is available under the Creative Commons Attribution/Share-Alike License.

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