Savings Account Definition and Usage

Meaning 1：account for saving money (savings account)

savings account 🔊

/ˈseɪvɪŋz əˈkaʊnt/

A bank account where you keep money to save it and earn a little extra money called interest.

Savings account icon with coins and piggy bank on screen

account for saving money 🔊

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/əˈkaʊnt fɔːr ˈseɪvɪŋ ˈmʌni/

A bank account designed for depositing money over time, typically earning interest, intended for future use or emergency funds.

📁 Category：Social Economy 🔖 Level：Elementary

📘 Details & Usage

📖 Root Explanation

Savings from 'save' (keep) + '-ings' (noun suffix); account from Old French 'acont' (calculation).

💡 Mnemonic

Imagine a piggy bank labeled 'savings account' that grows coins into interest. Save + count = savings account.

📖 Example

My parents opened a savings account for me when I was born to help pay for college in the future. 🔊 My parents set up a savings account for me at birth to support my future college expenses.

🔗 Collocations

open a savings account – Initiate a bank account for saving money

high-yield savings account – A savings account with a higher than average interest rate

savings account balance – The amount of money currently held in a savings account

🔄 Synonyms

deposit account (n.) – A bank account where money is deposited and earns interest, synonymous with savings account.

interest-bearing account (n.) – An account that accrues interest on the deposited funds, typically a savings account.

time deposit (n.) – A deposit held for a fixed term with a higher interest rate, similar to a savings account but with withdrawal restrictions.

🚫 Antonyms

checking account (n.) – A bank account for daily transactions, usually without interest and with easy access.

credit card debt (n.) – Money owed on a credit card, opposite of saving money in an account.

🌱 Derivatives

savings (n.) – Money that has been saved, often kept in a savings account.

saver (n.) – A person who regularly saves money.

save (v.) – To keep money for future use.

📖 Cultural Story

The concept dates back to medieval goldsmiths who issued receipts for deposited gold, evolving into modern savings accounts. Today, they are a cornerstone of personal finance for earning interest.