Definition, Meaning & Synonyms
savings-account
Noun
/ˈseɪ.vɪŋz əˌkaʊnt/
Definition
A savings account is a bank account that earns interest on the funds deposited in it, allowing individuals to save money while keeping it safe for future use.
Examples
- She opened a savings account to save for her dream vacation.
- Depositing money into a savings account is a great way to prepare for unexpected expenses.
Meaning
Savings accounts are typically used for saving money over time, providing a secure place to store funds while accumulating interest.
Synonyms
- Deposit account
- Interest-bearing account
- Bank savings
