Savings Deposit
What does savings-deposit mean? Money on deposit at a bank, savings and loan, or credit union that can be withdrawn w.
Savings Deposit Definition
Source:Board of Governors of the Federal Reserve System (US)
Release:H.6 Money Stock Measures
Units:
- The choices include traditional or regular savings accounts, high-yield savings accounts, money market accounts, certificates of deposit, cash management accounts and specialty savings accounts.
- Savings Deposit Program The DOD Savings Deposit Program (SDP) was established to provide members of the uniformed services serving in a designated combat zones the opportunity to build their.
Frequency:
Savings Deposit Bonds
Notes:
This series has been discontinued and will no longer be updated. It has been consolidated under the following series, which will continue to be updated: MDLM.
Starting on February 23, 2021, the H.6 statistical release is now published at a monthly frequency and contains only monthly average data needed to construct the monetary aggregates. Components of the monetary aggregates are reported at a total industry level without a breakdown by banks and thrifts. For further information about the changes to the H.6 Statistical Release, see the announcements provided by the source.
The savings deposits component of M2 consists of passbook-type savings deposits as well as MMDAs at banks and thrifts. This item is reported on the FR 2900 and, for institutions that do not file the FR 2900, is estimated using data reported on the Call Reports.
Suggested Citation:
Board of Governors of the Federal Reserve System (US), Total Savings Deposits at all Depository Institutions (DISCONTINUED) [SAVINGS], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/SAVINGS, March 5, 2021.
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A savings account is a bank account at a retail bank whose features include the requirements that only a limited number of withdrawals can take place, it does not have cheque facilities and usually do not have a linked debit card facility, it has limited transfer facilities and cannot be overdrawn. Traditionally, transactions on savings accounts were widely recorded in a passbook, and were sometimes called passbook savings accounts, and bank statements were not provided; however, currently such transactions are commonly recorded electronically and accessible online.
People deposit funds in savings accounts for a variety of reasons, including as a safe place where to hold their cash. Savings accounts normally pay interest. A number of countries require savings accounts to be protected by deposit insurance and some countries provide a government guarantee for at least a portion of the savings account balance.
There are a number of types of savings accounts for particular purposes, such as for young savers, for retirees, Christmas club accounts, investment accounts, money market accounts, besides other. Some accounts require a minimum deposit, a deposit on a regular basis, notice of withdrawal, and other special conditions.
Almost all savings accounts accrue compound interest over time.
Regulations[edit]
United States[edit]
In the United States, Sec. 204.2(d)(1) of Regulation D (FRB) limits withdrawals from savings accounts 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. There is no limit to the number of deposits into the account. Violations of the regulation may result in a service charge, or may result in the account being changed to a checking account.
Regulation D sets smaller reserve requirements for savings account balances. In addition, customers can plan withdrawals to avoid fees and earn interest, which contributes to more stable savings account balances on which banks can lend. A savings account linked to a checking account at the same financial institution can help avoid fees due to overdrafts and reduce banking costs.[1]
High yield savings accounts[edit]
Capital One Interest Rates
High yield savings accounts, sometimes abbreviated to HYSA, are a type of savings account with higher interest than normal savings accounts. These accounts typically earn 10 times more in interest than a normal savings account. HYSA's can be a good option for short term investing.[2][3][4]
References[edit]
- ^Amy Fontinelle. 'Banking: Savings Accounts 101'.
- ^Knueven, Liz. 'The only difference between regular and high-yield savings that matters is the one that earns you 10 times more on your money'. Business Insider. Retrieved 30 December 2020.
- ^Gravier, Elizabeth (22 June 2020). 'What a high-yield savings account is and how it can grow your money'. CNBC. Retrieved 30 December 2020.
- ^Karl, Sabrina. 'What Is a High-Yield Savings Account?'. Investopedia. Retrieved 30 December 2020.