Information from the Washington State Department of Financial Institutions

Savings Accounts Basics

What is a savings account

A savings account is an account at a bank or credit union that earns interest.

What are savings accounts typically used for

Savings accounts are typically used for

  • short term goals: such as a car down payment, vacation, or the holidays
  • building an emergency savings fund

How many withdrawals can you make per month

Federal law that says you can't make more than six withdrawals or transfers per month out of your savings account.

What features should you look for in a savings account

  • FDIC or NCUA insurance
  • How much interest the account earns
  • Low or no monthly fees
  • Easy access to your money