Definition

1. Noun:
   • A container for keeping money at home: A "savings bank" is a small, secure container, often with a slot in the top, used by individuals to store coins and sometimes bills at home. It encourages saving money.
   • A type of financial institution: A "savings bank" is a depository institution, historically focused on accepting savings deposits and providing mortgages. In some regions, like the northeastern United States, they now offer a wide range of services similar to commercial banks.

Usage Examples

• Noun (Container):

  • As a child, I dropped my allowance into my piggy savings bank every week.
  • She shook her ceramic savings bank to hear the coins jingle inside.

• Noun (Financial Institution):

  • I opened my first account at a local savings bank.
  • The savings bank on the corner offers very competitive mortgage rates.

Advanced Usage

• "Mutual savings bank": A specific type of savings bank that is owned by its depositors rather than shareholders.
  • The oldest mutual savings bank in the country was founded to serve the community.

Variants and Related Words

• Bank (n): A broader term for a financial institution that handles deposits, loans, and other services.
• Thrift (n): Another term for a savings and loan association or savings bank, emphasizing its purpose of encouraging thrift.
• Piggy bank (n): A colloquial term for a small container used by children to save coins, synonymous with the first meaning of "savings bank."

Synonyms

• Coin bank (for the container meaning).
• Thrift institution (for the financial institution meaning).

Related Phrases

• Savings account: A deposit account held at a bank that earns interest, typically offered by a savings bank.
  • The savings bank promoted its high-yield savings account.

Notes on Meaning

The word "savings bank" has two distinct meanings. The first refers to a physical object for personal storage of money. The second refers to a specific type of financial business. The context of the sentence makes it clear which meaning is intended.

Noun

1. a container (usually with a slot in the top) for keeping money at home
   • the coin bank was empty
2. a thrift institution in the northeastern United States; since deregulation in the 1980s they offer services competitive with many commercial banks