another term for savings account
Annual Percentage Yield (APY) A percentage rate that reflects the total amount of interest paid on a deposit account (e.g., checking, savings, CD or IRA). It is based on the interest rate earned on your account and the frequency of compounding for a 365-day period. Automated Clearing House (ACH) Features. 1  Save As You Go Transfers®: We’ll transfer $1 of your funds from your linked Wells Fargo checking account to your Way2Save Savings account for each qualifying transaction. 2  Set up monthly automatic transfers of $25 or more to reach your savings goals. 3  Overdraft protection for your checking account. There are two ways to invest in a 529 plan. 1  Directly with the 529 Plan manager. See a list of 529 plans. 2  Through a financial advisor. Find an advisor in our Pro Directory. A savings account is an interest-bearing deposit account held at a bank or another financial institution that provides a modest interest rate. 529 plan history. A 529 Plan is an education savings plan operated by a state or educational institution designed to help families set aside funds for future college costs. It is named after Section 529 of the Internal Revenue Code which created these types of savings plans in 1996. Savings account. A savings account is a deposit account held at a retail bank that pays interest but cannot be used directly as money in the narrow sense of a medium of exchange (for example, by writing a cheque). These accounts let customers set aside a portion of their liquid assets while earning a monetary return. RELATED TERMS. 1  Linked Savings Account Any type of bank savings account that is linked by account number 2  ... Bank Deposits Money placed into a banking institution for safekeeping. Bank 3  ... Call Deposit Account A bank account for investment funds that offers the advantages ... In the United States, the term savings deposit includes a deposit or an account that meets the requirements of Sec. 204.2(d)(1) of Regulation D (FRB). The depositor is permitted to make up to 6 pre-authorized transfers or withdrawals (excluding withdrawals via an automated teller machine) per month or a statement cycle of at least four weeks. Example Sentences for savings. 1  Any native may place here a sum as small as one dollar, to which he can add from his savings similar sums at his pleasure. 2  Then she unfolded a scheme by which, with Bart's savings and her own, they could start a laundry. Save As You Go Transfers®: We’ll transfer $1 of your funds from your linked Wells Fargo checking account to your Way2Save Savings account for each qualifying transaction. Set up monthly automatic transfers of $25 or more to reach your savings goals. Overdraft protection for your checking account.
An interest-bearing deposit account