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

Lock in a high-yield savings rate Since rates on online savings accounts, money market accounts and certificates of deposit are all poised to go down, experts say this is the time to lock in some of the highest returns in decades. —Jessica Dickler, CNBC, 18 Aug. 2024

Cash App offers benefits for direct deposit, including a savings account with a 4.5% annual percentage yield. —Luisa Beltran, Fortune, 16 Aug. 2024

Options include putting it into a savings account or paying down credit cards or other loans. —Tribune News Service, The Mercury News, 12 Aug. 2024

Cutting the federal funds rate could result in lower yields for savers, who have benefited from high-interest savings accounts and certificates of deposit during the last year given that the Fed's benchmark rate has held steady at a 23-year high since July 2023. —Aimee Picchi, CBS News, 9 Aug. 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