- Compare Savings Account Interest Rates
- About Savings Bank Accounts
Savings Accounts are accounts opened with liquid funds that are placed on deposit with a retail financial institution — usually a bank or savings and loan corporation — without a given maturity date.
Difference between Savings Accounts and Checking Accounts
Although the terms of specific Savings Accounts can vary among financial institutions and countries, Savings Accounts tend to differ from checking accounts because they cannot usually be used as money by allowing the account holder to make a virtually unlimited number of withdrawals per statement cycle via check or debit card. For example, in the United States, only up to six withdrawals from a Savings Account can be made per statement cycle without incurring a penalty, although the number of deposits per cycle is generally not limited.
Which companies provide Savings Accounts?
Savings Accounts are provided by retail banks, savings and loan corporations and credit unions that are usually regulated within the country in which they operate. Savings Accounts are used by individuals and businesses around the world as a means of storing their liquid funds for future use.
How risky are Savings Accounts?
Substantial investment security is provided by Savings Accounts held with reputable and insured financial institutions, but as a result of this perceived lack of risk, they usually only offer a low nominal rate of return or interest to the holder on deposits. Higher returns on Savings Accounts can sometimes be obtained from online savings accounts, but the risks in doing so may be greater, especially if the financial institution taking the deposit is uninsured and/or poorly capitalized.
Who regulates and guarantees Savings Accounts?
In the United States, funds deposited in Savings Accounts are protected up to a certain amount by the Federal Deposit Insurance Corporation or FDIC when the deposit is made with a financial institution that is also an FDIC member.
Top Savings Accounts Rates around the world
|Country||Inflation||GDP PPP Per Capita**||Currency||Interest Rate||Last Updated|
|South Africa||5%||10,229||ZAR||5.90%||Nov, 2014|
|New Zealand||4.5%||26,670||NZD||4.40%||Nov, 2014|
|Sri Lanka||7.7%||5,220||LKR||4.00%||Nov, 2014|
|United Kingdom||4.5%||34,388||GBP||3.00%||Nov, 2014|
|Papua New Guinea||8.4%||2,167||PGK||1.50%||Oct, 2014|
|Saudi Arabia||5%||SAR||1.50%||Oct, 2014|
|South Korea||4.2%||27,938||KRW||1.40%||Nov, 2014|
|United States||3%||45,934||USD||0.90%||Nov, 2014|
|United Arab Emirates||2.5%||36,843||AED||0.60%||Nov, 2014|
|Isle of Man||GBP||0.10%||Nov, 2014|
|Channel Islands||3.7% ^^^||GBP||0.10%||Nov, 2014|
|Hong Kong||5%||45,277*||HKD||0.0010%||Nov, 2014|