Even though "credit" has the common sense meaning of "raising the balance," it has a very specific meaning in accounting and does not necessarily mean what common sense says it does. For asset accounts, "credit" means a reduction in the balance.
When you deposit cash into a savings account, you are "credited" that amount. That is from the bank's perspective. Your account is a liability to them -- they owe you, at some time, the balance in that account. So what they are doing is increasing that liability balance or crediting it.
Related Fool Articles
Recent Mentions on Fool.com
- The Marvel and DC Effect: Indie Comic Book Movies Are on the Rise
- Move Over 'Frozen' - This Could Be Disney's Next $1 Billion Movie
- Why Fox Might Not See an Immediate Payoff From ?X-Men: Days of Future Past?
- 3 Easy Ways to Spring Clean Your Finances
- Why the Dow Jones Industrial Average Is Useless
- What's Holding Back U.S. LNG Export Projects?