savings account

noun

: an account (as in a bank) on which interest is usually paid and from which withdrawals can be made usually only by presentation of a passbook or by written authorization on a prescribed form

Examples of savings account in a Sentence

She opened a savings account.

Recent Examples on the Web

Some states have income requirements for those who receive funds through vouchers or education savings accounts, though others have expanded access to everyone in recent years. —Krista Johnson, The Courier-Journal, 29 Oct. 2024

Condoms have been reimbursable for years through a pre-tax health savings account (HSA) or flexible savings account (FSA), which cover over-the-counter medications that aren’t generally tax deductible as an itemized deduction. —Medora Lee, USA TODAY, 29 Oct. 2024

This belief often leads to a more conservative investment approach, with a preference for low-risk assets such as savings accounts and short-term government securities. —Odiri Oginni, Forbes, 28 Oct. 2024

To be eligible to contribute to a health savings account, an individual must be enrolled in a high-deductible health plan, or HDHP. —Sharon Epperson,stephanie Dhue, CNBC, 23 Oct. 2024

Word History

First Known Use

1850, in the meaning defined above

Kids Definition

savings account

noun

: an account (as in a bank) on which interest is usually paid and from which withdrawals can be made