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
- Crowdfunding Your College Education
- U.S. Mega Banks Look Downright Tiny Compared to the Chinese Competition
- You'll Never Guess America's Favorite Credit Card of 2015
- This Often Overlooked Trait May Help You Pick Winning Companies
- Check Your Verizon Bill for This Mistake
- Why the Lamborghini Truck Is Making a Comeback