deposit

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coconutpalm

Senior Member
Chinese,China
Do you have a "time deposit" or a "demand deposit" in your bank account?
I can only find "deposit account, current account, and savings account" in my dictionary. However, my financial teacher says "time/demand deposit" is used in the business world? Is it true?
 
  • Brioche

    Senior Member
    Australia English
    In Australia we have "term deposits". This means that the money is deposited at the bank for a set period of time.

    The term "demand deposit" is used in Australian banking legislation, but it's not a term in common use.

    Most people here talk about accounts where the money is available "at call".
     

    sens figuré

    Member
    English/USA
    In the USA, "term deposit" refers to an amount of money that must remain in the account for a specified amount of time before being withdrawn. It can also mean that one must give notice before withdrawing funds from an account. "Demand deposit" however, may be withdrawn at any time without notice.
     
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