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
- MasterCard Earnings: Power in Plastic
- Visa Earnings: More Swipes on the Card
- The Worst 3 Bank Stocks for the Next 10 Years
- 3 Important Facts About Social Security Spousal Benefits
- NetSuite Inc. Earnings: What the CEO Says About Beating SAP and Salesforce.com
- Why Original Content is Making Netflix, Inc. a Riskier Bet