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Simple English definitions for legal terms
savings bank
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A quick definition of savings bank:
A savings bank is a type of bank where people can deposit their money and earn interest on it. It is a safe place to keep your money and can help you save for the future. Sometimes, people can also borrow money from a savings bank to buy a house or a car. In maritime law, there is a special clause called the saving-to-suitors clause that allows people to file a lawsuit in a nonadmiralty court if they want to.
A more thorough explanation:
A savings bank is a type of bank that primarily accepts deposits from customers and pays interest on those deposits. It differs from a commercial bank in that it does not offer a wide range of financial services such as loans and credit cards.
- Savings-bank trust: A type of trust account held by a savings bank on behalf of a customer.
- Savings bond: A type of government bond that pays interest and is sold to individual investors.
- Savings clause: A clause in a legal document that preserves certain rights or options.
- Savings note: A type of promissory note issued by a savings bank.
- Saving-to-suitors clause: A clause in maritime law that allows a plaintiff to file a lawsuit in a non-admiralty court.
These examples illustrate the different ways in which the term "savings bank" is used in various contexts. They show that savings banks offer different types of financial products and services, and that the term can also be used in legal contexts such as trusts and maritime law.