What is Legal Terms - Savings Account?

Savings Account Information: A savings account is a deposit account kept at a commercial bank, savings bank, or a savings and loan association. The bank will pay interest on the amount deposited. More and more banks and their customers are turning to electronic banking, telephone banking, or online banking, to take care of their savings accounts, rather than rely on the traditional passbook. Use of Automated Teller Machines (ATM) has also changed the face of the banking relationship.