A bank holiday is a public holiday where banks and other financial institutions close for the day. There are many synonyms for this term, including public holiday, national holiday, legal holiday, statutory holiday, and federal holiday. In the United States, these holidays are often referred to as federal holidays and include days such as New Year's Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas Day. In the United Kingdom, bank holidays include Christmas Day, Boxing Day, New Year's Day, Good Friday, Easter Monday, May Day, Spring Bank Holiday, and Summer Bank Holiday. Regardless of what they are called, bank holidays provide much needed rest and relaxation for workers and families alike.