Definition of deposit account in English:

deposit account

noun

British
  • A bank account that pays interest and is usually not able to be drawn on without notice or loss of interest.

    • ‘They work by tying together your current account, your deposit account, any personal borrowings and your mortgage.’
    • ‘EBS has three managed funds and a deposit account to choose from.’
    • ‘By comparison you need to invest £20 to get one pound of interest in a deposit account.’
    • ‘Individuals can open a deposit account which attracts an interest rate of up to 2% and the money is used to lend to charities at a cheaper interest rate than they might normally find on the High Street.’
    • ‘No deposit account will be able to match that sustainably (even if they might have artificially high rates for short periods in an attempt to boost market share).’
    • ‘The traditional savings route was the bank deposit account, which used to pay a respectable rate of interest.’
    • ‘How about switching to a better business bank account, or finding a high-interest deposit account?’
    • ‘If savers choose a deposit account, a separate interest payment of about two to four per cent could be added.’
    • ‘Thus, where a customer was insolvent a lien could be exercised by the bank over funds standing to the credit of his fixed deposit account.’
    • ‘You'd have done better saving the same amount into a bad deposit account (paying annual interest of just over 0.8%) over ten years.’
    bank account
    View synonyms

Pronunciation:

deposit account

//