Mutual savings bank

 

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Mutual Savings Bank

An institution owned by its depositors, as evidenced by certificates of deposit rather than stock. These institutions are active in long term real estate financing, as opposed to commercial banks, which concentrates more on short term loans.

Mutual savings bank

In the US, a savings bank which is owned by its depositors.

Mutual savings bank

A state-chartered savings bank which is owned by its depositors and managed by a fiduciary board of trustees.



Mutual savings bank

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Tax Exempt Special Savings Account

Tax Exempt Special Savings Account

A five year tax free savings scheme for people aged 18 and over, introduced by the government in January 1991 and operated by banks and building societies, but terminated in 1999.The maximum amount which could be paid into such schemes over the five year life of the TESSA was £9,000 according to the following schedule:1st year, £3,0002nd year, £1,8003rd year, £1,8004th year, £1,8005th year £600TESSAs were discontinued on 5th April 1999 although those taken out before then are allowed to run their full five year term. If you own a TESSA, you can do three things with it when it matures:You can withdraw the interest and capital free of tax, and either spend it or invest it elsewhere.You can move the capital into a 'Matured TESSA Account'. The interest earned in the account after the maturity date will be taxable.You can move the capital (but not the income) into an ISA account where it can continue to grow tax free. It can either be paid into a special Tessa-only ISA account (a TOISA) or it can be paid into a cash only mini ISA. The move has to be made within 6 months of the maturity of the TESSA.


National Savings Stock Register

National Savings Stock Register

A register of government stocks (gilts) which can be purchased by the public through the Post Office at favourable rates of commission for moderate purchases and sales. Transactions are conducted by mail and interest is paid gross and is taxable. Despite the name, the Register is now administered by the Bank of England.


Savings bond

Savings bond

A government bond issued in face value denominations from $50 to $10,000, with local and state tax-free interest and semiannually adjusted interest rates.


Savings and loan association

Savings and loan association

In the US, a financial institution in which depositors' savings are used to provide home mortgages loans.


Registered Retirement Savings Plan (RRSP)

Registered Retirement Savings Plan (RRSP)

Tax-sheltered retirement plan for Canadian citizens, much like an American IRA.


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