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

Walz also reported mutual funds in a small college savings account and life insurance policies in 2019, neither of which show up on his more recent Minnesota disclosures. —Kyle Khan-Mullins, Forbes, 4 Nov. 2024

At statehouses, the school choice movement has seen the most success recently with education savings accounts (ESAs), which allow public tax dollars to go towards parents who want to send their children to private school or homeschool them. —Lexi Lonas Cochran, The Hill, 31 Oct. 2024

One of Snell’s top tips is setting up a split direct deposit, so part of your paycheck goes to a high-yield savings account and part of it funnels to a checking account to cover your necessary and discretionary expenses. —Tribune News Service, The Mercury News, 30 Oct. 2024

Maximize your savings: Best high-yield savings accounts Are consumers still spending money? —Paul Davidson, USA TODAY, 30 Oct. 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