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Bank savings account
 

 

A savings account for the small saver, similar in function and method of operation to the bank deposit account, though it developed in a different way. It is normally used by young people or opened on their behalf by parents, and is essentially a personal account intended to encourage saving and to compete with the Post Office saving scheme. Higher rates of interest are sometimes available on the first limited portion deposited, after which normal deposit rates apply.

Reference: The Penguin Business Dictionary, 3rd edt.