A savings account is a deposit account at a bank or credit union for holding money, and it may earn interest. The account agreement and disclosures—not the word “savings” alone—set the rate, fees, minimum-balance conditions, access methods, and any transaction limits. This guide focuses on U.S. accounts.
How does a savings account work?
You deposit money with a bank or credit union, which records the funds in your account. Depending on the account terms, you may be able to add money and access it through methods such as transfers, withdrawals, or other services the institution offers. The specific ways to deposit and withdraw, and any limits or fees, are set out in the account disclosures.
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Regulation DD is intended to help consumers compare deposit accounts. It requires covered institutions to disclose relevant account terms, including fees and transaction limitations. A savings account is therefore not defined by one universal set of rules: read the disclosures for the account you are considering.
How does a savings account earn interest?
If an account is interest-bearing, the institution pays interest under the rate and terms disclosed for that account. For covered accounts, Regulation DD requires the institution to calculate interest on the full principal for each day, using either the daily-balance method or the average-daily-balance method. Interest accrues until the funds are withdrawn.
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The regulation does not require a particular schedule for compounding or crediting interest. An institution may, for example, compound or credit interest daily or monthly, as described in the account terms. The stated interest rate and the annual percentage yield (APY) are useful comparison figures: APY reflects the effect of compounding over a year. Check the account’s disclosures for the rate, APY, whether the rate can change, and when interest is credited. Rates are institution-specific and may change, so there is no single rate that applies to all savings accounts.
What should you compare before opening an account?
Regulation DD disclosures are meant to make comparisons among depository institutions meaningful. Review the terms for each account rather than assuming that fees, minimums, or access rules are standard.
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- Interest rate and APY: Note both figures and whether the rate can change.
- Opening deposit and balance requirements: Check any minimum needed to open the account or avoid a fee.
- Fees: Look for monthly maintenance charges and other fees that may apply.
- Deposits and access: Confirm how you can add money and how you can withdraw or transfer it.
- Transaction limits: Check the contract for any limits that apply to withdrawals or transfers.
- Interest crediting: Find out how often interest is credited and how the account calculates it.
Do not assume a particular withdrawal cap applies to every savings account. The applicable limits, if any, depend on the account terms.
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Deposit insurance can protect eligible deposits if an insured institution fails. The CFPB’s consumer guidance, last reviewed April 26, 2023, describes FDIC protection for eligible bank deposits up to $250,000 for accounts under the same ownership at one bank. Credit union accounts have similar insurance through the National Credit Union Administration (NCUA). Coverage depends on eligibility and ownership rules, so verify your situation with the relevant insurer rather than treating the figure as a guarantee for every account or ownership arrangement.
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To check coverage, confirm whether the institution is an FDIC-insured bank or an NCUA-insured credit union, then use the insurer’s official resources to verify how your accounts and ownership categories are treated. The CFPB explains the basics and directs consumers to verify coverage in its guide, How can I be sure my money is safe in my bank account?
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How is a savings account different from a CD?
A certificate of deposit (CD) is a type of savings account offered by banks and credit unions. With a CD, you generally agree to leave the money deposited for a specified term; withdrawing it early can trigger a penalty. A standard savings account is commonly used for funds that may be needed, subject to its access rules and fees. Compare the CD’s term, interest rate, and early-withdrawal penalty with the savings account’s rate and access terms. A CD does not necessarily pay more, and a savings account does not necessarily provide immediate access; the actual terms matter. For more detail, see the CFPB’s guide to certificates of deposit.
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