According to the Wikipedia, a savings bank is a financial institution whose primary purpose is accepting savings deposits. It may also perform some other functions.

NY Savings

In Europe, savings banks originated in the 19th or sometimes even the 18th century. Their original objective was to provide easily accessible savings products to all strata of the population. In some countries, savings banks were created on public initiative, while in others, socially committed individuals created foundations to put in place the necessary infrastructure.

Security & privacy should be the primary commitment of savings banks. For online savings bank, they should be committed to providing the highest level of security and privacy regarding the collection and use of our online banking customers’ personal information, as well as that of all visitors to our web site.

Our tip: Look for one that has a consumer privacy policy. If you prefer on-line, look for those that use the latest encrypted SSL technology to date (using 128-bit encryption) to prevent unauthorized access to your entire on-line banking session from beginning to end. Online banking protection includes enhanced login security with multi-factor authentication, unique User ID and Passwords for login, automatic account lock-outs, session time-outs, and browser security.

If you are a net banker, we recommend that you maintain a secure computer environment and follow safe Internet practices when using on-line services. Be cautious about opening any attachment or downloading any files from emails you receive. Avoid emailing personal or financial information.

Look for indicators that websites you visit are secure including “https” in the web address and a “lock” icon on the bottom of your screen. Always keep your personal computer firewall enabled. Keep your operating system up-to-date with the latest security patches. Use antivirus software and keep it regularly updated with the latest signature files. Also, use updated anti-spyware technology all the time.