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Savings Accounts

Collin’s Dictionary of Banking and Finance describes a savings account as “an account where money is put regularly and which pays interest, often at a higher rate than a deposit account.” The term savings account is different from individual savings account or lifetime savings account, which stands for a scheme offered in Britain in which individuals can invest for their retirement by putting a limited amount of money each year in a tax-free unit trust account.

A Brief Historical Account

The wise saying “A penny saved is a penny earned” may be loosely credited with originating the concept of a savings account. Bank accounts have a long evolutionary history. Many people argue that since the Romans are credited with inventing coins, bank accounts preexisted Mesopotamia, where they ...

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