deposit account

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Bank Account

An agreement between a bank and a person or institution, whereby the bank agrees to hold money and/or other assets on behalf of the other party. What the holder may do with those assets depends upon the nature of the account. In a checking account or a savings account, the bank holds money and pays the client a certain percentage in interest. This payment gives the bank the right to lend the money to other clients or invest it within the confines of law and banking regulations. However, the client has the right to withdraw the total amount of money on demand.

deposit account

see COMMERCIAL BANK.

deposit account

or

time account

or

savings account

an individual's or company's account at a COMMERCIAL BANK into which the customer can deposit cash or cheques and from which he or she can draw out money subject to giving notice to the bank. Deposit accounts (unlike CURRENT ACCOUNTS, which are used to finance day-to-day transactions) are mainly held as a form of personal and corporate SAVING and used to finance irregular ‘one-off payments.
References in periodicals archive ?
88 million deposit accounts at commercial banks in Lebanon in 2013.
Thaweelap Rittapirom said Bangkok Bank is inviting Thai residents to open a 11-month fixed deposit account offering an interest rate of 2.
Currently, bitcoin deposit accounts should not be characterized as bank accounts or securities accounts, so the individual should briefly describe the nature of the account in the space provided on Parts II or III of the Form 114 (31 C.
Fahed Boodai, Chairman of the Board of Directors at Gatehouse Bank said, "I am pleased to be able to offer our clients an enhanced investment product such as the Treasury Notice Deposit Account.
14 M of the deposit accounts opened for sums of up to BGN 1000 are denominated in BGN and contain a total of only BGN 865 M.
FDIC insurance covers deposits up to insured limits at FDIC-insured banks, including deposits in checking and savings accounts, money market deposit accounts, and certificates of deposit (CDs).
99 per cent, reduced interest rates on auto financing, and overdraft up to 90 per cent from the fixed deposit account.
The bank's deposit accounts are designed to offer wider choices and crucially better returns.
They say that the plethora of similar accounts could confuse customers, discourage people from using deposit accounts and reduce saving levels in the UK.
Would a deposit account be the best place to put it?
Others actively promoted customers to shift sweep assets back into deposit accounts.
Q I'M confused by all the different deposit accounts and cash ISAs available.