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.’
    • ‘By comparison you need to invest £20 to get one pound of interest in a deposit account.’
    • ‘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.’
    • ‘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?’
    • ‘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.’
    • ‘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.’
    • ‘If savers choose a deposit account, a separate interest payment of about two to four per cent could be added.’
    • ‘EBS has three managed funds and a deposit account to choose from.’
    • ‘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).’
    bank account
    View synonyms

Pronunciation

deposit account