What is a savings account?

April 22nd, 2006

A savings account is a “near cash” account held by a customer at a bank, credit union, or savings and loan association. Money that is deposited into a savings account can not be accessed directly, but can be withdrawn for cash or easily transferred into a checking account where it can be accessed directly. A savings account is a good place to earn a little bit of extra interest over a checking account without losing the convenience of having liquid assets that can be accessed quickly and on demand.
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