Related Words

Savings Element: Used in the context of life insurance, the cash value built up in a policy, which equals the amount of premium paid minus the cost of protection. This excess is invested by the insurance com . . . View Full Definition

Savings and Loan Associations (S and Ls): Financial institutions that provide loans and interest-bearing accounts. Accounts in federally chartered S & L’s are federally insured.

Savings Association Insurance Fund (SAIF): A government organization that replaced the Federal Savings and Loan Insurance Corporation as the provider of deposit insurance for thrift institutions.

Savings Bank: An institution that primarily accepts consumer savings deposits and to make home mortgage loans.

Savings Bond: A government bond issued in face value denominations from $50 to $10,000, with local and state tax-free interest and semiannually adjusted interest rates.

Savings And Loan Association (S and L): A financial institution whose principal function is to promote thrift and home ownership. Depositors earn interest on their deposits, often at a higher rate than is offered at commercial ban . . . View Full Definition

Savings And Loan Association: National- or state-chartered institution that accepts savings deposits and invests the bulk of the funds thus received in mortgages.

Registered Retirement Savings Plan (RRSP): Tax-sheltered retirement plan for Canadian citizens, much like an American IRA.

Savings: The process of setting aside money until a future date instead of spending it today. The goal of saving is to provide funds for emergencies, short-term goals, and investments.

Savings Account: An account with a bank or financial institution which pays interest on balances held, usually once or twice per year, the amount of interest paid usually depends on to the amount of money in . . . View Full Definition