Savings Deposit
Savings account.
A savings account is a deposit account in a bank or credit union that pays interest on your balance -- though some institutions require that you have at least a minimum amount in the account to qualify for earnings.
You can deposit and withdraw from savings accounts as you wish, but you can't transfer money from the account directly to other people or organizations.
National savings average rate courtesy of the FDIC’s Weekly National Rates and Rate Caps, as of; average rate used is for deposits under $100,000. Barclays Online Savings Annual Percentage Yield (APY) is valid as of XX/XX/XXXX. No minimum opening balance or deposit required to open. Fees could reduce the earnings on the account. Deposit checks: You can deposit checks directly into a savings account. When you make the deposit, just put your savings account number on the deposit slip. With most banks, it’s also possible to deposit checks with your mobile device—so you don’t need to go anywhere near a branch or ATM. Savings Deposit Plan Allotment Deposit Limits. The amount of your deposit cannot be more than the amount of money you would receive in your monthly pay, minus deductions. SDP deposits are required to be in amounts divisible by five. You are permitted to deposit a maximum of $10,000 per deployment.
While savings accounts typically pay interest at a lower rate than other bank accounts, that may not always be the case. Savings accounts are insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Share Insurance Fund.
You're covered up to $100,000 in each of three different categories of account in a single bank, or up to $250,000 if an account is a self-directed retirement account (IRA). Different branches of the same bank count as one bank.
Source:Board of Governors of the Federal Reserve System (US)
Release:H.6 Money Stock Measures
Units:
Frequency:
Notes:
This series has been discontinued and will no longer be updated. It has been consolidated under the following series, which will continue to be updated: MDLM.
Starting on February 23, 2021, the H.6 statistical release is now published at a monthly frequency and contains only monthly average data needed to construct the monetary aggregates. Components of the monetary aggregates are reported at a total industry level without a breakdown by banks and thrifts. For further information about the changes to the H.6 Statistical Release, see the announcements provided by the source.
The savings deposits component of M2 consists of passbook-type savings deposits as well as MMDAs at banks and thrifts. This item is reported on the FR 2900 and, for institutions that do not file the FR 2900, is estimated using data reported on the Call Reports.
Suggested Citation:
Board of Governors of the Federal Reserve System (US), Total Savings Deposits at all Depository Institutions (DISCONTINUED) [SAVINGS], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/SAVINGS, March 5, 2021.
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