Banking in the U.S.

A series of FAQs for international companies doing business in the U.S.

What is a Savings Account?

Savings accounts are bank accounts typically designed for saving money for future use. The bank pays the customer a variable rate of interest on the account balance for the length of time it stays in the account. Banks will offer varying interest rates. This information can be obtained by visiting their corporate website, calling their customer services line, or visiting one of their branches. Some banks require a minimum balance be maintained in order to avoid a fee. There are various ways of gaining access to the funds located in a savings account, including, but not limited to, using an Automated Telling Machine (ATM) or Debit Card, or by visiting a branch of the bank where the account is housed.

Most banks also have an online banking option where customers are able to manage funds, transfer funds, or pay bills utilizing their savings account.

What is the Purpose of a Checking Account?
What are Certificates of Deposit?
What are Debit Cards?
What are Credit Cards?
What are the Differences Between a Credit Card and a Debit Card, and What are the Benefits of Each?

Note: The information contained in this document is provided for information purposes only. While every attempt has been made to confirm the accuracy of this information, it should not be considered legal advice. Individuals with specific questions about immigration matters or doing business in Pennsylvania should consider retaining appropriate counsel or expertise to advise them on current legal and business developments.