Description: How Does Savings Account Interest Work?, What is a Savings Account? | Money Instructor, What's the Difference Between Checking & Savings? Kal Penn Explains | Mashable, Is the Savings Account Dead?, What Is A Money Market Account?
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Saving accounts (UK: savings accounts ) are accounts maintained by retail financial institutions that pay interest but cannot be used directly as money in the narrow sense of a medium of exchange (for example, by writing a cheque ). These accounts let customers set aside a portion of their liquid assets while earning a monetary return. For the bank, money in a savings account may not be callable immediately and, in some jurisdictions, does not incur a reserve requirement . Cash in the bank's vaults may thus
The other major types of deposit account are the transactional account (usually known as a "checking" (US) or "current" (UK) account), money market account and time deposit .
In the United States, under Regulation D, 12 (CFR) §204.2(d)(2) , the term "savings deposit" includes a deposit or an account that meets the requirements of Sec. 204.2(d)(1) and from under the terms of the deposit contract or by practice of the depository institution , the depositor is permitted to make up to six pre-authorized transfers or withdrawals per month or a statement cycle of at least four weeks. There is no regulation limiting number of deposits into the account.