Access Savings Account Law and Legal Definition

Access savings account is a type of savings account in which funds are accessible to the account holder by check, telephone order or debit card. Nowadays most of the banks adopt access savings account. Main characteristic of access savings account is that a customer can deposit funds whenever s/he wishes and can make withdrawals at any time without notice or penalties. Minimum opening balance will be less compared to other accounts. Interest rates will be same or above the current base rate.