Meaning & use
bank savings account
Last updated
Meaning
nouncountable
A bank account for keeping money you do not plan to spend immediately, which usually earns a small amount of interest.
Grammar: Countable: you can say 'a bank savings account' or 'bank savings accounts'.
Patterns
- open a bank savings account
- put money into a bank savings account
- a bank savings account with a high interest rate
She opened a bank savings account to start saving for a car.
The interest on my bank savings account is very low at the moment.
You can transfer money from your checking account to your bank savings account online.
Word forms
| plural | bank savings accounts |
|---|
Common combinations
- open a bank savings account
- I opened a bank savings account at the local branch yesterday.
- a high-interest bank savings account
- Compare rates before you choose a high-interest bank savings account.
- deposit money into a bank savings account
- He deposits money into his bank savings account every month.
- withdraw from a bank savings account
- You can withdraw from a bank savings account at any time, but you may lose interest.
Synonyms and how they differ
- savings account
- The shorter, more common term; it does not specify that the account is with a bank, but in everyday use it usually means the same thing.
- deposit account
- A broader term for any account that earns interest, including savings accounts and some checking accounts; it is more formal and less specific.
Opposites
Word family
- savings bank noun
- A bank that mainly handles savings accounts and home loans, rather than business banking.
- savings account noun
- The general term for an account where you keep money to save; 'bank savings account' just adds that it is at a bank.
- save verb
- To keep money for later instead of spending it.
- saver noun
- A person who saves money regularly.
Commonly confused: bank savings account or checking account? bank savings account or certificate of deposit (CD)?
bank savings account vs checking account
A checking account is for everyday spending and paying bills, while a savings account is for holding money you do not need right away. Both are bank accounts, but they serve different purposes.
bank savings account vs certificate of deposit (CD)
A CD is a type of savings product where you agree to leave your money for a fixed period; a savings account is more flexible and you can usually take money out anytime.
Practice
Which sentence uses 'bank savings account' correctly?
Choose one answer.
A bank savings account is for saving money, often for a goal like a trip. Option 1 is wrong because savings accounts are not for daily spending; option 2 is wrong because borrowing for a house is a mortgage, not a savings account; option 3 is wrong because checks are usually written from a checking account, not a savings account.
Make it your own
Write a sentence using “bank savings account”, then check it and compare it with the examples above.