universal savings account

universal savings account

A savings account established for a taxpayer as a way to encourage saving for retirement. The plan provides an additional tax credit for taxpayers under a certain income level, which is deposited directly into the account, and additional benefits (such as matching funds, up to a certain limit) for those who fund the account themselves as well.

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Part of Speech: noun
Synonym(s):
Blossary: Retirement
Industry/Domain: Banking
Category: Savings
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