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  •  Bank of America
  •  Bank One
  •  Chase Bank
  •  CitiBank
  •  Union Bank of California
  •  US Bank
  •  Washington Mutual Bank
  •  Wachovia Bank
  •  Wellsfargo Bank

 

Savings - Savings Account

Savings deposits are accounts maintained by commercial banks, savings and loan associations, credit unions, and mutual savings banks that pay interest but can not be used directly as money (by, for example, writing a check). These accounts let customers set aside a portion of their liquid assets that could be used to make purchases. But to make those purchases, savings account balances must be transferred to "transactions deposits" (or "checkable deposits") or currency. However, this transference is easy enough that savings accounts are often termed near money. Savings accounts, as such constitute a sizeable portion of the M2 monetary aggregate.

With savings accounts you can make withdrawals, but you do not have the flexibility of using checks to do so. As with an MMDAs (money market deposit account), the number of withdrawals or transfers you can make on the account each month is limited.

Since January 1994, hundreds of banks and other depository financial institutions have implemented automated computer programs that reduce their required reserves by analyzing customers' use of checkable deposits (demand deposits, ATS, NOW, and other checkable deposits) and "sweeping" such deposits into savings deposits (specifically, money market deposit accounts (MMDA)). Under the Federal Reserve's Regulation D, MMDA accounts are personal saving deposits and, hence, have a zero statutory reserve requirement.

"Checkable deposits" are now (2004) $640.5 billion in the US while "savings deposits" are $3,472.5 billion.

Check out Saving Account Service among following banks:

  •  Bank of America
  •  Bank One
  •  Chase Bank
  •  CitiBank
  •  Union Bank of California
  •  US Bank
  •  Washington Mutual Bank
  •  Wachovia Bank
  •  Wellsfargo Bank



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