Tuesday, February 20th 2018

Savings Account

Savings Account Meaning:
In banking terminology, the term Savings Account refers to a bank account in which deposits and withdrawals can be made and which is generally opened for the purpose of accumulating funds over a period of time. A Savings Account accrues interest and usually does not require a minimum balance to be maintained.

Savings Account Example:
For example, a Savings Account can be the first type of bank account opened by a person. Allowing your money to accrue interest and getting in the habit of saving can be a rewarding endeavor for anyone, especially as the years go by and interest builds up on your savings. Savings accounts do not generally have a minimum balance to maintain, although some banks will charge a monthly fee on the account if a certain amount of funds are not maintained, and some banks require a minimum opening balance. Funds can usually be withdrawn from Savings Accounts, although the Savings Account generally does not come with checks or check writing privileges.

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