Oh, boy. That there's a BIG can of worms! :)
.223 is the commercial version of the original 5.56x45mm NATO. They are very similar, but not identical. Most everyone agrees you can safely and effectively fire .223 in a rifle chambered for 5.56 wit no issues, but there is disagreement as to whether you can or should fire 5.56x45 NATO rounds in a rifle chambered for .223. It is my understanding that using the NATO rounds in a .223 is hard on the gun and can cause premature wear, etc. Does it really matter? I don't know. For the sake of simplicity, and erring on the side of caution (necessary or not) I'd suggest not doing so. Stick with .223 in your Savage .223. Rifles chambered for 5.56x45mm NATO often will call themselves 5.56/.223 or something similar. Rifles chambered .223 Rem will just say .223 Rem.
To answer your question, it is a .223 or .223 Remington. It is NOT 5.56 or 5.56x45mm NATO.
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