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
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RELATED FAQS
  1. 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 >>
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    Placing funds in a money market account may provide a higher interest rate than a savings account due to the underlying securities ... Read Answer >>
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