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Savings Accounts

Savings accounts, also called time deposits, are next on the cash management list. In the past, withdrawals and other transactions that affected a savings account would be registered in a “passbook”; hence, the term passbook savings was coined. Savings accounts are now called statement accounts, and the customer receives a monthly statement from the financial institution.

Money in a savings account is deposited for a specific term (e.g., a day, week, month, or quarter) and hence is less liquid than money in a checking account. However, with the reduction in liquidity there is usually a slight increase in interest rate. Required minimum balances are low in savings accounts, although it does depend on the type of account. Savings accounts are very safe and are generally FDIC-insured; however, there are penalties for early withdrawal. Information on setting up savings accounts is available from banks, credit unions, and other financial institutions.

In addition to checking accounts and savings accounts, the two most traditional forms of cash management, there are other less-traditional alternatives that you should evaluate and understand.


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