savings-account

Vocabulary Word

Definition

A 'savings account' is something you open at a bank or other financial institution. You store money in it, usually while earning interest over time. It's often used for future big purchases or as an emergency fund.

Examples in Different Contexts

In personal finance, 'savings accounts' are used by individuals to set aside a portion of their disposable income for future use, often earning interest over time. A financial advisor might suggest, 'Regularly depositing money into a savings account can help you build your emergency fund and save for major purchases.'

Practice Scenarios

Tech

Scenario:

Our goal is to make financial services accessible and easy to manage for everyone. Let's explore different avenues to reach to a wider audience.

Response:

Definitely, we should focus on making the process of opening and managing a savings account as easy as possible.

Business

Scenario:

Our financial health is not just about making profits, but also about smart management of what we earn. We should encourage our team to understand and utilize different financial tools.

Response:

Agreed! Perhaps we can start encouraging all staff to open their own savings account if they haven't already.