deposit account vs savings account

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Angelya

Senior Member
Chinese
Hello, guys! Can you help me draw a difference between the deposit account and the savings account? Do both of them refer to save your money in the bank for a particular fixed time, which is different from the checking or current account?
 
  • natkretep

    Moderato con anima (English Only)
    English (Singapore/UK), basic Chinese
    The terminology will depend on the bank.

    I would understand a deposit account to be the same as a savings account - and different from a current account (=US checking account) or a fixed deposit account (=US time deposit account). However, a deposit account is sometimes used as a cover term to describe any account that you can deposit money into (and therefore includes both the savings and current accounts).

    These days, I think the difference between the savings and current account is getting blurred as fewer of us write cheques, and debit cards can be linked to either account. In some banks current accounts now also earn interest.
     

    Copyright

    Senior Member
    American English
    My understanding is that a savings account is one part of a deposit account.

    Wikipedia: 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account is a savings account, current account or any other type of bank account that allows money to be deposited and withdrawn by the account holder.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.

    More on that link.

    Cross-posted.
     

    Angelya

    Senior Member
    Chinese
    My understanding is that a savings account is one part of a deposit account.

    Wikipedia: 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account is a savings account, current account or any other type of bank account that allows money to be deposited and withdrawn by the account holder.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.

    More on that link.

    Cross-posted.
    Thank you!
     
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