Deposit Account Definition

This is a type of bank account that pays interest and usually has a time period before a consumer can withdraw his savings. The equivalent in the US is a time account. Usually, the longer a consumer has to wait before withdrawing leads to a higher interest rate.

The opposite of a deposit account is a current account. A current account enables withdrawing on demand.

Recently, banks have offered more accounts which combine instant withdrawal with some interest payment.

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By on November 28th, 2012