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 personal finance, opening a 'deposit-account' is a fundamental step for managing money and saving for future goals. A financial advisor might explain, 'A high-yield deposit-account can be a great option for building your emergency fund or saving for a large purchase.'

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.

Tech

Scenario:

The new update for our app will include added features for financial management. How do you think our users will receive it?

Response:

I think our users will appreciate the deposit account management feature. It'll provide a comprehensive view of their savings.