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- Dictionarydeposit account
noun
- 1. a bank account that pays interest and is usually not able to be drawn on without notice or loss of interest. British
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noun
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A deposit account is a bank account maintained by a financial institution in which a customer can deposit and withdraw money. Deposit accounts can be savings accounts, current accounts or any of several other types of accounts explained below. Transactions on deposit accounts are recorded in a bank's books, and the resulting balance is recorded as a liability of the bank and represents an amount o... Wikipedia