savings account trust

Definitions of savings account trust
1

n a savings account deposited by someone who makes themselves the trustee for a beneficiary and who controls it during their lifetime; afterward the balance is payable to the previously named beneficiary

Synonyms:
Totten trust, savings bank trust, trust account, trustee account
Type of:
trust
something (as property) held by one party (the trustee) for the benefit of another (the beneficiary)

Sign up, it's free!

Whether you're a student, an educator, or a lifelong learner, Vocabulary.com can put you on the path to systematic vocabulary improvement.