Definition of savings account in English:

savings account

noun

  • A bank account that earns interest.

    • ‘One estimate is that UK savers could make an extra £5 billion a year by switching to the best savings accounts!’
    • ‘Even cash deposited in high-interest savings accounts for too long will soon have its value eroded by inflation.’
    • ‘Like other pension plans, the money paid into a stakeholder pension will be invested in items such as stocks and shares, bonds and cash savings accounts.’
    • ‘There's more to Islamic finance than alternatives to simple savings accounts and home loans.’
    • ‘Children's savings accounts have a maximum age limit for the account holder, which can be high as 21 for some accounts.’
    • ‘However, there are still several savings accounts around paying more than the base rate and these are the ones to keep an eye on.’
    • ‘Millions of us have our nest eggs in taxed savings accounts that pay well below the going rate of interest.’
    • ‘Teach him about savings accounts, checking accounts, investments, and how much better life can be when you have these things.’
    • ‘Although the Bank of England has raised its base rate five times since November 2003, most savings accounts still aren't producing the goods.’
    • ‘Banks will be forced to pay decent rates of interest on all savings accounts, with a minimum-rate guarantee.’
    • ‘This is a savings account that has two main advantages over traditional savings accounts.’
    • ‘When my mother took me to the bank to open my first checking and savings accounts with my own money, I learned the value of a dollar and the importance of saving.’
    • ‘One thing I always do when comparing savings accounts is to look at the Annual Equivalent Rate.’
    • ‘I've subsequently put this money into tax-free savings accounts and earned some interest.’
    • ‘Individual investors have also been depositing more cash in savings accounts.’
    • ‘According to the Bank of England, UK households have almost £500 billion squirreled away in savings accounts.’
    • ‘These savings accounts lock up money for a few weeks to several years and pay interest rates based on maturity dates and market demand.’
    • ‘There are a number of excellent internet savings accounts paying over 5% AER.’
    • ‘Because of rising inflation in the past year, they have been losing money on their savings accounts in the official banks.’
    • ‘Hundreds of thousands of people have failed to claim their free shares or cash, so it's worth checking to see if you have any dormant savings accounts or life policies.’
    bank account
    View synonyms

Pronunciation

savings account

/ˈsāviNGz əˌkount/