deposit-account

Vocabulary Word

Definition

A 'deposit account' is an account you open at a bank or other financial institution where you can deposit money for safekeeping and earn interest. It's used for saving, not spending like a checking account.

Examples in Different Contexts

In banking, a 'deposit-account' is a bank account that allows customers to deposit money for safekeeping and earn interest over time. A bank manager might say, 'Our savings and checking accounts are types of deposit-accounts designed to meet the varying needs of our customers.'

Practice Scenarios

Banking

Scenario:

As a new client, we offer you various banking services to meet your needs. What interests you?

Response:

I'm interested in opening a deposit account for safekeeping and accruing interest on my excess funds.

Business

Scenario:

We are dealing with a cash crunch. Let's strategize on how to mitigate this issue.

Response:

What about releasing a portion of our funds from the deposit account to manage this crunch?