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Finance & Banking vocabulary · Accounts & Deposits

Savings account

Meaning in finance & banking, with examples

nounCore term

In finance & banking, savings account means: A bank account for keeping money you do not need every day. It pays interest, but it may limit how often or how quickly you can take money out.

In Turkish: birikim hesabı, tasarruf hesabı

How it is used

A standard retail product. Banks advertise the rate on a savings account, and customers move money into savings. Common types are easy-access accounts and fixed-term accounts; some need notice before a withdrawal.

Example sentences

  1. I moved my bonus into a savings account so I wouldn't spend it.

  2. The new savings account pays daily interest and has no withdrawal limit.

Common collocations

  • open a savings account
  • easy-access savings account
  • savings account rate
  • pay into a savings account
  • current accountAn everyday bank account for receiving a salary, paying bills and making card payments. It pays little or no interest, and the money can be used at any time.
  • time depositMoney placed in a bank for a fixed period, such as 32 days or one year, at an agreed interest rate. Taking it out early usually means losing some or all of the interest.
  • depositMoney that you put into a bank account, or the act of putting it there. For a bank, customer deposits are its main source of funding.
  • interest rateThe price of borrowing money, shown as a percentage of the amount borrowed or saved for a period, usually one year.
  • compound interestInterest calculated on both the original amount and the interest already added, so the total grows faster over time than with simple interest.

More terms: Accounts & Deposits

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This page explains English vocabulary for learners. It is not financial advice.