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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.
More Ways To Deposit Money Into Your Bank Account. Standard in-branch, ATM and mobile deposits aren’t your only options for depositing money. Here are some alternatives that are available.
These may include accounts for young savers, accounts for retirees, Christmas club accounts, investment accounts, and money market accounts. Some savings accounts also have other special requirements, such as a minimum initial deposit, deposits made regularly, and notices of withdrawal.
A federally-insured savings account that pays a modest interest rate can help you build an emergency fund, save for a major expense or grow your savings, however certificates of deposit and money ...
And you can rest assured your money is safe: Deposits in high-yield savings accounts are insured up to $250,000 by the Federal Deposit Insurance Corporation (FDIC) — or the National Credit Union ...
The deposit account is a liability of the bank and an asset of the depositor (the account holder). On the other hand, a bank can lend some or all of the money it has on deposit to third parties. Such accounts, generally called loan or credit accounts, are subject to similar but reverse principles of a deposit account.
In exchange for locking away your money, time deposit accounts often pay higher yields than demand deposit accounts. A certificate of deposit (CD) is an example of a time deposit account. CDs come ...
Like other deposit accounts, MMAs are federally insured for up to $250,000 per account, which means your money is safe. Look for terms like “member FDIC,” “FDIC insured” or “NCUA insured.”