Longman Dictionary of Contemporary English
n. a savings account in which the deposit is held for a fixed term or in which withdrawals can be made only after giving notice or with loss of interest [syn: time deposit account]
A deposit account is a savings account, current account or any other type of bank account that allows money to be deposited and withdrawn by the account holder. These transactions are recorded on the bank's books, and the resulting balance is recorded as a liability for the bank and represents the amount owed by the bank to the customer. Some banks may charge a fee for this service, while others may pay the customer interest on the funds deposited.
Usage examples of "deposit account".
There won't be enough funds to cover it, either in my current account or in the deposit account.
Robert Lang was the name Leamas used to open the Copenhagen deposit account.
Accordingly I have not had your reply to my letter of March 3rd requesting a current statement of the deposit account of which I am a joint signatory with Herr Karlsdorf.
He placed the $50,000 in his deposit account and instructed the bank to give him a draft for $50,000 to be made out to Mrs.
The manager nods approvingly, perhaps contemplating her gold-backed deposit account.
It has occurred to me that, in addition to keeping both a current and a deposit account with you, he may have been in the habit of lodging documents and so forth for safe keeping.
D'Oyly Owens holds (though Finn Magnusson of himself holds also) that so long as there is a joint deposit account in the two names a mutual obligation is posited.
Having now disposed of all my Cooper's shares, the interest on my deposit account was earning me over four hundred thousand a year, and as I was living rent-free, Hackett's request was a minor consideration.
He did not mention what had become of the proceeds of a long-established Church Restoration Fund, much of which had been on deposit account at the bank for many years.