What Is a Savings Account?
A savings account is a deposit account at a bank or credit union that holds money and pays interest, usually quoted as an APY. It is designed for storing money rather than daily spending. In the United States, deposits at insured banks are protected by FDIC insurance up to legal limits, and credit unions by NCUA.
Savings vs. Checking
Checking accounts are built for frequent payments and usually pay little or no interest; savings accounts generally pay more interest and may limit certain withdrawals.
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Last updated: September 27, 2026. This definition is for general educational purposes only. It is not financial, investment, tax, legal, or medical advice, and it does not recommend any product or course of action. For decisions about your own situation, consult a qualified professional.