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Sigma KEE - SavingsAccount
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A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
savings account
An account in a bank on which interest is usually paid and from which withdrawals can be made usually only by presentation of a passbook or by written authorization on a prescribed form.
Relationships      
Parents interest bearing account FinancialAccounts that have a fixed or adjustable interest rate.
Children certificate of depositCDs (certificates of deposit) are bank, credit union or savings and loan instruments that allow the depositor to lock in an interest rate for a specific period of time (e.g. six months, one year, five years). If the money is withdrawn from the CD before the CD matures, there is likely to be an early-withdrawal penalty -- often three month's interest. Generally, the longer the time period of the CD, the higher the interest paid.
 individual retirement accountA tax-deferred retirement account for an individual that permits individuals to set aside up to $2,000 per year, with earnings tax-deferred until withdrawals begin at age 59 1/2 or later (or earlier, with a 10% penalty). Only those who do not participate in a pension plan at work or who do participate and meet certain income guidelines can make deductible contributions to an IRA. All others can make contributions to an IRA on a non-deductible basis. Such contributions qualify as a deduction against income earned in that year and interest accumulates tax-deferred until the funds are withdrawn.
 money marketMoneyMarket is for borrowing and lending money for three years or less. The securities in a money market can be U.S. government bonds, TreasuryBills and commercial paper from banks and companies.
 traditional savings accountAccounts that pay interest, usually at below-market interest rates, that do not have a specific maturity, and that usually can be withdrawn upon demand
 treasury billA negotiable debt obligation issued by the U.S. government and backed by its full faith and credit, having a maturity of one year or less. Exempt from state and local taxes


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