0
Well a "Savings" account also known as a "Share" account is a way of you as your personal money manager to keep your money in an insured (FDIC for Banks, NCUA for Credit Unions) environment, that earns interest often higher than checking accounts, and its a way of participating with the economic world you live in. The money you place into a Savings account will be used by the bank to make investments, loans to others, etc. and in return that is where your interest comes from the money the bank makes off of those investing and financing activities. However, it must be recognized that in most all occasions interest earned on regular savings accounts are considered taxable income.
Wiki User
∙ 13y ago
Add your answer:
Earn +20 pts
The bank no long have the saving account numbers what did the bank do with the money in saving account?
It is not common for a bank to lose any account number. It may be a good idea to consult the bank in order to know why the account number is missing.
What is meant by saving bank account?
saving accounts earnings
What the objective of a saving bank account main?
Saving money. Obviously
What is main objective of a saving bank account?
Saving money. Obviously
What are the types of bank accounts in Pakistan?
1.fixed deposit account 2.saving account 3.current account 4.home saving account 5.family saving account
Is a bank saving account a good place fo save money?
yes, hence the name saving account.
What is the difference between saving account and salary account in bank?
In Salary Account 0 balance is allowed and in saving account minimum balance required
What are the functions of Habib Bank Ltd?
saving account fixed account current account
How many digits in Indian bank saving account number?
indian bank account no digits
How do you research old checking and saving account numbers for Barnett Bank in Florida?
How do you research old checking and saving account numbers for Barnett Bank in Florida?Read more:How_do_you_research_old_checking_and_saving_account_numbers_for_Barnett_Bank_in_Florida
How do you determine if the bank rates on a savings account are advantageous in comparison to bank fees?
To determine if the bank rates on a saving account to bank fees, you may have to check with your local bank account to determine what the rates are.
Is saving account a bank account?
If you have a savings account at a bank, then it is a bank account. If you have it in another kind of institution, such as a Credit Union or Savings and Loan, then it is not a bank account, although some people use the term "bank account" loosely and apply it to any savings account anywhere.
