An investor should not place money in a savings account if he wants to have financial freedom. Back to the Top

Savings Account Loan

A bank account in which a person deposits money to be saved. The money in a savings account usually earns interest. You usually can't write checks on a savings account.

An account at a financial institution that helps one accumulate and save money; often penalizes excessive withdrawals and may pay interest when checking does not.

An account that pays higher interest than a current account, but may not have a cheque book. There may be restrictions on access to funds.

An account comprised of your tax-deferred contributions (in excess of the first 4% contributed to the Retirement Fund), investment earnings on your savings, rollover contributions, and any contributions from the company.

A bank account that accrues interest in exchange for use of the money on deposit.

An agreement by which the credit union pays you a dividend for using money you've given it to hold until you need it. You can withdraw your money from your account whenever you want.

a bank account that accumulates interest

a convenient way to earn interest on your money and still enjoy easy access to your funds at any time

a convenient way to invest your available funds and a good tool for accumulating money as well as for unlimited replenishment of funds and savings for your personal needs - a car, household appliances, education or travel

a deposit account that earns interest

a good place to earn a little bit of extra interest over a checking account without losing the convenience of having liquid assets that can be accessed quickly and on demand

a great place to secure your finances and let your money grow over time

a low risk way to save money

an account at a financial institution (savings bank, commercial bank, or a savings and loan, etc

an account over which the bank must maintain a right to require specified notice prior to withdrawal

an account that always earns interest

an interest bearing depository account from which collected funds can be withdrawn by presenting a properly completed withdrawal form to one of our tellers or through an Automated Teller Machine (ATM) transaction (Statement Savings only)

a particularly nice gift if the saving account uses a passbook

a place where you can deposit your money for long term, it usually pays interest but not very much at all

a safe, convenient and affordable way to save your money

a safe investment for your money, there is no risk of you losing the money that you put in, however there are other ways in which you could put your money to use that could earn you more providing you are willing to take more risk

a safe place to keep your money and earn interest

a safe place to keep your money while earning interest on it

a safe place to keep your money while it earns interest (a return on your money)

a safe place where the bank keeps your money

a safe way to save, but could offer lower payback in the long term

a tier rate account

a type of account that is specifically designed to encourage saving

a type of investment account where the money in the account earns interest

Available at banks and credit unions. Typically used for achieving short-term goals, savings accounts have little or no risk and low returns. See certificates of deposit (CDs) for more information.

A bank account for storing money and to which the bank adds interest money to the account.

The funds placed in an account that can be withdrawn only by the owner(s) or a duly authorized agent, or on the owner's nontransferable order; sometimes called a savings deposit or share account.

A bank account established for the purpose of putting aside money for future spending goals. Savings accounts normally earn a competitive rate of interest and are insured by the Federal Deposit Insurance Corporation.

An account maintained by a customer with a depository institution for the purpose of accumulating funds over a period of time. Funds deposited in a savings account may be withdrawn only by the account owner or a duly authorized agent, or on the owner's nontransferable order. The account may be owned by one or more persons. Some accounts require funds to be kept on deposit for a minimum length of time, while others permit unlimited access to funds. Earnings may be in the form of dividends, as in the case of a share type savings account, or interest as in the case of a deposit type account.

An interest-bearing account devoted to the accumulation of savings.

A deposit account with no legal limits or requirements as to amount, duration, or times of additions. Savings accounts do not come with checks but do include ATM cards for cash withdrawals.

Bank or other financial institution deposit that usually allows unfettered withdrawals. These accounts are very liquid.

An account with a financial institution where your money is readily available.

An account with a bank or financial institution which pays interest on balances held, usually once or twice per year, the amount of interest paid usually depends on to the amount of money in the account and the 'base rate' of the Bank of England. There is often a notice period required for withdrawals and in most cases the longer the notice period, the higher the interest rate.

a bank account that pays you interest for keeping your savings in it. Banks use your money to make loans, so they pay you interest for the use of your money. Your savings is insured up to $100,000 by the FDIC, so you don't have to worry about borrowers taking your money and not paying it back.

An account at a bank that earns interest. A savings account is different from a checking account because you can't write checks if you just have a savings account. You need a checking account to write checks.

An interest-bearing account used by a customer to accumulate funds. Savings accounts have no fixed maturity date.

deposit account that pays interest, usually from day of deposit to day of withdrawal.

An account where the focus is placed on saving money rather than taking it out. The rates are normally higher than a , however, you may have a notice or withdrawal period ranging from 1-2 days to 90 days to gain access to your money.

an account with a bank, trust company or credit union that pays interest on the money you deposit and allows you to withdraw your money at any time

This is DCU's basic savings account (a kin to "statement savings accounts" at other institutions). To be a DCU member, you must maintain a minimum balance of at least $5.00 in this account. Both DCU Checking and Savings Accounts are accessible through non-DCU ATMs. Service Charge This is a fee charged by a financial institution. It can be the price for a valuable service or a penalty for violating a "rule". The amount and type of service charges varies by financial institution. Credit unions always have fewer and lower service charges than banks and DCU is no exception. DCU's Schedule of Fees and Service Charges lists our fees and FREE services for which other institutions typically charge.

Money kept in a bank or savings and loan association for safekeeping. Savings accounts earn interest on all money kept in the account.

A deposit account at a bank or credit union. Considered the safest form of savings and investment, savings accounts also pay low interest in comparison to other cash equivalent investments.

A business agreement in which a credit union or other financial institution agrees to hold and pay interest on money you've deposited. You may withdraw some or all of your money, but not by writing a share draft or check .

A service depository institutions offer whereby people can deposit their money for future use and earn interest.

An account that earns interest on money deposited in it.

A basic savings account is one that generally has a low minimum balance, and interest is paid on all amounts deposited. You can take the money out of your savings account any time you want.

An everyday bank account where your savings can be deposited and easily withdrawn.

An account with a bank or savings and loan company that pays interest on money deposited.

An account at a bank that does not provide the account holder with chequing priveledges but usually bears a higher interest rate than a chequing account. · See Also · Chequing Account

Savings accounts are accounts maintained by commercial banks, savings and loan associations, credit unions, and mutual savings banks that pay interest but can not be used directly as money (by, for example, writing a cheque). These accounts let customers set aside a portion of their liquid assets that could be used to make purchases while earning a monetary return.

a good place to keep short-term savings and build an emergency fund

a good place to store emergency funds and money for short-term financial goals

a good way to lay the foundation for a solid financial future

a key part of a full, healthy financial picture