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

While interest rates have come down from peak highs, the best high-yield savings accounts offer on average 4.31% annual percentage yields, or APYs, per Bankrate data. To compare, traditional savings accounts offer a 0.51% APY on average nationwide, per DepositAccounts. —Ana Teresa Solá, CNBC, 24 Jan. 2025

The money would go toward an education savings account, or voucher, that would designate state dollars for families to pay for private school tuition. —Jackson Walker, Baltimore Sun, 22 Jan. 2025

That’s enough to pay for a nice vacation, boost an emergency savings account, or make a nice contribution to a Roth IRA. —Mark Dennis, Forbes, 21 Jan. 2025

The bank is being sued for allegedly misleading customers about its offerings for high-interest savings accounts, costing them more than $2 billion in potential interest payments. —Kate Gibson, CBS News, 17 Jan. 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