deposit account

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Noun deposit account has 1 sense

time deposit account, deposit account - a savings account in which the deposit is held for a fixed term or in which withdrawals can be made only after giving notice or with loss of interest
--₁ is a kind of savings account

Deposit Account

A deposit account is a type of financial account where money is held and managed by a financial institution on behalf of an individual or business customer.

Senses and Usages:

Sense 1: Personal Savings Account

A deposit account can refer to a personal savings account that individuals maintain with banks or credit unions to store their savings or emergency funds.

Example Sentence: I have a deposit account with my local bank to save money for my future.

Sense 2: Checking Account

A deposit account can also refer to a checking account that allows account holders to perform a variety of financial transactions, including writing checks, making withdrawals, and receiving direct deposits.

Example Sentence: I transferred money from my deposit account to pay for my utility bills.

Sense 3: Time Deposit

In banking, a time deposit account, also known as a certificate of deposit (CD), is a type of deposit account that offers a higher interest rate in exchange for depositing the funds for a specific period of time.

Example Sentence: I locked my funds in a time deposit account with a 5-year term to earn a higher interest rate.

Sense 4: Business Deposit Account

A deposit account can also refer to a specific account opened by businesses to handle deposits, withdrawals, and other financial transactions required for their operations.

Example Sentence: The company's deposit account with the bank allows them to manage their daily business transactions seamlessly.

Definitions from WordNet