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
- Is Visa Inc.'s Fat Dividend Increase Sustainable?
- Colgate-Palmolive Company Earnings: Will Weakness Overseas Dim the Future?
- Why Buffalo Wild Wings' Stock Could Recover From Recent Losses
- Ford Motor Company Earnings: Profits Down on New Product Costs
- Life's Unanswered Questions
- Become Debt-Free With These Tips From the Trenches