savings-incentive

Vocabulary Word

Definition

'Savings-incentive' means an encouragement to save money, by offering some sort of advantage. For example, maybe getting higher interest on your bank account or a discount on related accessories when you save for a specific product.

Examples in Different Contexts

In banking products, 'savings incentives' can come in the form of higher interest rates for setting up automatic transfers to savings accounts or for maintaining a minimum balance. A bank representative might offer, 'We incentivize savings by offering an increased interest rate for customers who save a certain amount monthly.'

Practice Scenarios

Government

Scenario:

The new budget proposal is looking to encourage investments in sustainable energy. We're trying to find the right balance between incentives and regulations.

Response:

Certainly, we could introduce a savings incentive in the form of tax credits to motivate companies to invest in green energy.

Banking

Scenario:

We should review our savings accounts offerings. Customers lately have been looking for more added value.

Response:

I agree. Maybe we can offer a savings incentive with a higher interest rate for maintaining a certain balance in their accounts.