Which term is another way to refer to savings accounts?

The term "passbook accounts" is another way to refer to savings accounts because it specifically describes a type of savings account where transactions are recorded in a physical booklet or passbook. This allows account holders to track their deposits, withdrawals, and interest earned over time in a tangible format, which was commonly used before the advent of online banking.

Savings accounts and passbook accounts typically serve similar purposes: they are designed for money saving and earning interest over time. Although other options like checking accounts, mutual funds, and time deposits relate to banking and finance, they do not represent a synonym for savings accounts. Checking accounts are primarily used for daily transactions, mutual funds involve investing in a collection of securities, and time deposits refer to funds that are held for a fixed term, often with higher interest rates but less liquidity compared to a traditional savings account.