savings

What is a savings account?

 

What is a savings account?

The Bankrate.com financial term of the day is: "Savings Account."

A savings account is a place to park your money where restrictions, interest and frills are usually all at a minimum. There are generally low or no minimum balance requirements or limitations on your transactions. The interest rates offered by the accounts also tend to be low, and there might be a monthly service charge. Check-writing may not be allowed from the account unless you're willing to pay fees.

A savings account is one form of banking at its most basic, a liquid account that doesn't offer much return but also doesn't require much from the depositor.

To shop for a bank account that's right for you, visit the Checking & Savings section at Bankrate.com.

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