deposit account


Also found in: Dictionary, Thesaurus, Legal, Acronyms, Encyclopedia, Wikipedia.
Related to deposit account: savings account, Demand deposit account

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 ?
Most bank and building society deposit accounts with instant access pay between 3 and 6 per cent, depending on how much is in there - and some pay peanuts on sums under pounds 500.
Q I AM looking for a deposit account to invest my emergency fund in.
However, for a free guide to best rate deposit accounts and cash ISAs ring freephone 0800 544 644.
Fraud Squad officers were called in after it was discovered money was missing from deposit accounts which punters had opened with the firm in order to establish credit to place phone bets.
The Truth in Savings Act mandates that financial institutions disclose certain information about the terms of consumer deposit accounts in specific forms and at specific times.
The Nationwide Bank[R] FDIC Insured Deposit Account will be offered to plan sponsors of 401(a), 401(k), 457 and executive deferred compensation plans.
Thaweelap Rittapirom said Bangkok Bank is inviting Thai residents to open a 10-month fixed deposit account offering an interest rate of 2.
A SHOP around for the best deal in an instant access deposit account, or consider an instant access cash ISA.
However, instead of the interest being reinvested in the CD, it is placed in another Huntington deposit account, such as a checking, savings or money market account.
Q: I want to move my investments away from shares into something safer but better than a deposit account.
In general, the bank's loan, credit card or deposit account agreement will control as to whether the waiver or assessment of a fee is income to the borrower.
Bangkok Bank has introduced a new 4-month 10-month and 15-month fixed deposit account, offering an interest rate of 2.