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

time account

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.

Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005

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References in periodicals archive

Banks are generally granted the "liberty to customize their product offerings" according to their niche market or "based on the needs of the identified market" when it comes to basic deposit accounts.

No waiver of premiums for basic deposit accounts - PDIC

If you can, keep at least three months income in a deposit account for emergencies then invest in a decent unit trust where all the gain will be yours if shares boom.

Your MONEY: Price to pay for no-lose promise on bonds; CASHPOINT

Many depositors at other banks canceled their time deposits and put their money into the ordinary deposit accounts of the Bank of Tokyo-Mitsubishi and whatever banks they perceive as having stronger financial health than their old banks, banking sources said.

BTM to cut interest rate to 0.001% on deposit refund limit

If the account is held in the name of time joint accountholders hut with the designation "transfer on death" (TOD) preceding the names of the beneficiaries, the securities held in the account would pass to the named beneficiaries without probate in the same manner as the funds in time deposit account.

WEALTH MANAGEMENT STRATEGIES 2001

Virgin Direct has launched a base-rate tracking deposit account that promises never to pay less than one per cent below the UK base rate and to mirror base rate changes within days - and never longer than one month - of any movement.

Money Matters: Sit back and let Virgin keep track of your savings

On the other hand, the marginal cost of servicing a loan account, the elasticity of cost with respect to deposit accounts, the marginal cost of servicing a deposit account, and the overall economies-of-scale parameter decline as the number of loan accounts increases.

Scale and scope economies in banking: a case study of the Agricultural Development Bank of Pakistan

One approach to generating this information would require each FDIC-insured depository institution to report the following information for each deposit account:

Chilly reception: bankers turning thumbs down on FDIC tracking proposal

The BSP has already released the framework for banks to offer a basic deposit account to promote account ownership among the unbanked and provide Filipinos the tool to save and transact money in a safe, convenient and affordable manner.

Bank deposits grow to P12.5 trillion in 11 months

The waiver of insurance premium paid by banks would have been one more incentive for offering basic deposit account products.

PDIC not waiving premiums paid on basic deposit accounts

WASHINGTON: The 2017 American Bankers Association Deposit Account Fraud Survey Report revealed America's banks prevented $9 out of every $10 of attempted deposit account fraud in 2016.

Banks stop $17b in fraud attempts

The second 18.75 per cent will be available in a savings account, earning a 7 per cent interest on an annual basis while the last 37.5 per cent will be available in an SBM term deposit account which will mature in three years earning 7 per cent interest.

Chase Bank depositors to shift to SBM Bank in a few weeks