An interest-bearing account at a bank, credit union, or similar financial institution where one may deposit savings. Savings accounts frequently require that one keep a minimum balance in the account, so that the bank is assured of interest income. A given financial institution may offer several categories of savings account, with higher interest rates accruing to those with higher minimum balances or other restrictions upon withdrawal. (A certificate of deposit is one endpoint of this spectrum.)

Formerly, there was a strong distinction between savings accounts and checking accounts: One could only withdraw from the former at a bank branch office, whereas one could write checks drawing on the latter at any place and time. Nowadays, ATMs are so common that it is as almost as convenient to access one's savings as one's checking account.

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