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

According to the criminal complaint, Navy Federal Credit Union’s Global Security Investigations Department contacted the postal service in July 2024 and reported that Hayes deposited fraudulent checks into her personal checking and savings accounts. —Saleen Martin, USA TODAY, 13 Feb. 2025

The trustees of Alaska’s Permanent Fund, an $80 billion savings account whose earnings provide residents with annual dividends and help pay for government services, decided to invest more money in companies with ties to Alaska. —ProPublica, 13 Feb. 2025

PayPal does the same thing with its savings account, with funds stored and protected through Synchrony Bank, but funds stored in PayPal itself are not protected. —Jason Lalljee, Axios, 12 Feb. 2025

That includes three main checking, savings and high-yield savings accounts worth anywhere from $1,001 to $15,000 each. —Thomas G. Moukawsher, Newsweek, 6 Feb. 2025

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