savings account

/ˌseɪvɪŋz əˈkaʊnt/

/ˈseɪvɪŋz əˈkaʊnt/

Other forms: savings accounts

Definitions of savings account

1. noun

   a bank account that accumulates interest
   types:

   deposit account, time deposit account

   a savings account in which the deposit is held for a fixed term or in which withdrawals can be made only after giving notice or with loss of interest

   dormant account

   a savings account showing no activity (other than posting interest) for some specified period

   passbook savings account

   a savings account in which deposits and withdrawals are recorded in the depositor's passbook

   type of:

   bank account

   a fund that a customer has entrusted to a bank and from which the customer can make withdrawals