Saving Accounts

Savings accounts are accounts that are maintained by retail financial institutions. These accounts enable customers to set aside a portion of their liquid assets while earning a monetary return. Usually, saving accounts are offered by commercial banks, savings and loan associations, credit unions, building societies and mutual savings banks.

Savings accounts are often termed "near money". Most of the saving accounts permit unlimited access to funds, but some require funds to be kept on deposit for a minimum length of time. Banks may limit the withdrawals, payments, and transfers that a savings account may perform. Banks comply with these regulations differently; some may immediately prevent the transfer from happening, while others may let the transfer to occur but will notify the account holder upon violation of the regulation.

True saving accounts do not offer cheque-writing privileges. All savings accounts offer itemised lists of all financial transactions, traditionally through a passbook as well as through a bank statement.