Savings Club

DEFINITION of 'Savings Club'

A non-incorporated group that has opened some type of savings or other deposit account. The money in the account is the joint property of all club members.

BREAKING DOWN 'Savings Club'

"Savings club" also refers to a special type of savings account that comes with a passbook with coupons. Most accounts of this nature mature on a regular basis (e.g. annually). Christmas club accounts are an example of this type of account.

RELATED TERMS
  1. Investment Club

    A group of people who pool their money to make investments. Usually, ...
  2. Christmas Club

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  3. Ninety-Day Savings Account

    A type of passbook savings account that guarantees a fixed rate ...
  4. Savings Account

    A deposit account held at a bank or other financial institution ...
  5. Linked Savings Account

    Any type of bank savings account that is linked by account number ...
  6. Money Market Account

    An interest-bearing account that typically pays a higher interest ...
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RELATED FAQS
  1. How can I find an investment club in my area?

    Investment clubs have been around for several decades and are simply groups of people who get together to invest. While the ... Read Answer >>
  2. Is it possible to invest as a group?

    I am a newbie so this may seem like a very basic question to most. Is there any law or regulation that would prevent a group ... Read Answer >>
  3. For tax return purposes, is a savings account considered income?

  4. For what types of accounts are demand deposits available?

    Learn about the different types of accounts designated as demand deposit accounts, such as savings accounts and money market ... Read Answer >>
  5. Why would you keep funds in a money market account and not a savings account?

    Read about the differences between money market accounts and savings accounts, and see why a depositor would elect a money ... Read Answer >>
  6. What economic factors affect savings account rates?

    Find out how supply, demand and central bank policy all affect savings account rates offered by banks for extra deposits ... Read Answer >>
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