What is SAVINGS ACCOUNT?

An account at a financial institution from which money is deposited and withdrawals are made, interest is accrued and does not have a date for maturing. There is usually no minimum or maximum balance.

More On This Topic



Link to This Definition
Did you find this definition of SAVINGS ACCOUNT helpful? You can share it by copying the code below and adding it to your blog or web page.
Written and fact checked by The Law Dictionary