noun phrase · neutral
savings account
/ˈseɪ.vɪŋz əˌkaʊnt/SAV·ings AC·count
a bank account used to store money and earn interest over time
Examples
“I opened a savings account to save up for a holiday.”
“Savings accounts usually offer better interest than current accounts.”
“She transfers part of her salary into a savings account every month.”
Band 8 sentence
“To build an emergency fund I set up a separate savings account and automated monthly transfers.”
Collocations
- open a savings account
- transfer to a savings account
- interest on a savings account
Word family
Common mistakes
saving account→savings account
save account→savings account
an savings accounts→a savings account
Say it for a higher band
5put money in the bank→6open an account→7+savings account
Synonyms
deposit account
Easily confused
checking account
“He moved excess funds from his checking account to his savings account.”
Related words
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In Shopping & Money
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