Funds will be transferred electronically to the direct deposit account on record, but may be deposited in another account you identify or via hard copy check. You must identify how you want funds returned to you. For banking/credit union accounts, provide the bank name, routing number, account number and account type (savings or checking). The Savings Deposit Program If a combat deployment is in your future, be sure to learn about the Savings Deposit Program, a savings account that earns you 10% interest. An effective way to collect some savings, the Savings Deposit Program can help you and your family achieve your financial goals.
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A savings deposit account is a type of bank account in which a person can deposit his or her money and have it earn interest. The savings deposit account is usually limited in several ways, including how many times a person can make transactions from the account, or in some cases how many times a person can make a deposit into the account per month. Banks, credit unions, and other financial institutions can offer a savings deposit account to their customers, and unlike a checking account, the process of depositing or withdrawing money from the savings account can be more involved and often necessitates a trip to the bank or credit union.
The amount of interest one can earn on a savings deposit account varies from institution to institution. Some institutions offer more interest as the monetary amount of the savings account rises. Conversely, some banks or credit unions will charge a fee if the dollar amount of the account falls below a certain point. Still other accounts can earn higher interest through promotions run by the financial institution or by opening more than one account. Many banks now allow two accounts to be linked — a checking and a savings account, for example — and the funds in one account can cover overdrafts of the other account.
Opening a savings deposit account is usually quite easy. A visit to the bank or credit union is often all it takes, and a bank associate will help the customer decide which deposit account is best for him or her. Children under the age of 18 often need an adult to open the account for them, as well as to make transactions such as deposits and withdrawals. Most banking institutions require some form of identification in order to open the account. The customer will then make his or her first deposit into the account and receive an account number in return. This account number will allow the customer to access the account at any time.
Many institutions only require a small monetary deposit to open the account. The customer can then add funds to the savings deposit account at any time. The more money that goes into the account, the more interest the account will earn. Some institutions require the amount of money in the account to be over a certain amount for the account to stay active, so a potential customer should inquire about the specific requirements before opening the account.
Savings Deposit Rates
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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Savings Deposit Program
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