Overview#

Savings Account is a Transaction Account but not a Demand Deposit Account

Federal Reserve Board of Governors#

defines a Savings Account in Sec. 204.2(d)(1) of Regulation D (FRB).

• The Account owner is permitted to make up to 6 pre-authorized transfers or withdrawals (excluding withdrawals via an Automated Teller Machine) per month or a statement cycle of at least four weeks.
• There is no regulation limiting number of deposits into the account.
• Violations often involve a service charge, usually $10 per transaction, or even a downgrade of the account to a checking account.

More Information#

There might be more information for this subject on one of the following:

• Interest
• Transaction Account