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Financial Dictionary - Bank account
Bank account
A bank account is a banking product where the account holder or holders sign an agreement with a financial institution that allows them to manage their money using the tools its offers without having to have it in cash.
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A bank account is really a deposit of money that enables us to perform everyday banking transactions: transfers, payments, paying in, direct debits, ATM cash withdrawals, etc.
Bank accounts also enable us to access a range of linked products, such as deposits, credit and debit cards, insurance, pension plans and mortgages.
The main characteristics of bank accounts are:
- Immediate liquidity, giving us access to our funds when and where we want.
- Accounts usually charge fees. These vary depending on the type of account, the products associated with it and the bank. There is usually a maintenance fee for keeping the account open.
- They offer a range of payment methods, such as credit and debit cards.
- They have a unique identification code, known as the IBAN
There are a number of types of bank accounts. The most common are:
- Current account: this is a demand deposit that gives you access to your money whenever you want. Current accounts are one of the most popular banking products.
- Salary account: this is for people who have their salary paid directly into their bank.
- Deposit account: these differ from other accounts as they pay interest.
- Interest-bearing account: this is a type of deposit account from which you can withdraw funds without penalties.