a bank account on which interest is paid, traditionally one for which a bankbook is used to record deposits, withdrawals, and interest payments.
Compare checking account.
Origin of savings account
First recorded in 1910–15
Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2019
British Dictionary definitions for savings account
an account at a bank that accumulates interest
Collins English Dictionary - Complete & Unabridged 2012 Digital Edition © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012