time deposit account

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Definitions from WordNet

Noun time 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

Definitions from the Web

Time Deposit Account

Description

A time deposit account, also known as a term deposit or a certificate of deposit (CD), is a type of banking account where funds are deposited for a specified period at a fixed interest rate. The deposited amount cannot be withdrawn until the end of the agreed term, which can range from a few months to several years. Time deposit accounts are considered to be low-risk investment options, providing higher interest rates compared to regular savings accounts.

Sample Sentences

I opened a time deposit account with my bank to earn a higher interest rate on my savings.
The money I had set aside for a down payment on a house is currently in a time deposit account.
My grandmother always advises me to consider a time deposit account for long-term savings.

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