For Savings Accounts we have a term and definition in Accounting.

Savings Accounts (Accounting)

are client accounts maintained by bankssavings & loan associationscredit unionsand mutual savings banks that pay interest but can not be used directly as money. These accounts let customers set aside a portion of their liquid assets that could be used to make purchases. But to make those purchasessavings account balances must be transferred to "transactions deposits" (or "checkable deposits") or currency. Howeverthis transference is easy enough that savings accounts are often termed near money. Savings accountsas such constitute a sizeable portion of the M2 monetary aggregate. With savings accounts you can make withdrawalsbut you do not have the flexibility of using checks to do so. As with an MMDAs (money market deposit account)the number of withdrawals or transfers you can make on the account each month is usually limited.

Similar

Browse words that start with:

• Sa
• Sav
• Savi
• Savin

Browse All Terms by First Letter

Term Search