What is the definition of a savings account?

Answer A savings account that you establish at your bank allows you to deposit money and let the interest increase on the money you save. Having a savings account may be important to save money for emerge... Read More »

Top Q&A For: What is the definition of a savings account

Definition of Statement Savings Account?

Statement savings accounts are basic interest-bearing deposit accounts financial institutions offer. Account information is automated, and depositors receive statements showing their balances, dep... Read More »

Definition of a Passbook Savings Account?

A passbook savings account specifically refers to the "passbook" that is issued to a saver when opening such an account at a bank or other financial institution. It is a book, the official record o... Read More »

Is there a difference between the APY on a savings account& a high-yield money market account?

No, the formula for annual percentage yield (APY) is one plus the periodic interest rate. Then raise the sum to the power of the number of periods of investment. Finally, subtract one. The formula ... Read More »

What is the difference between a health savings account&a flexible spending account?

Health savings accounts (HSAs) and flexible spending accounts (FSAs) are ways to put money aside for future heath care costs. Both provide tax advantages, but the qualifications and functions of th... Read More »