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Financial Dictionary - Deposit accounts
Deposit accounts
A deposit account is a form of demand bank deposit that allows customers to earn a return on their savings, as they deposit money with the bank which pays them interest in return. The returns are determined by the period during which the money is deposited with the bank.
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Deposit accounts enable you to balance returns with the possibility of withdrawing your money when you want with no penalties.
The remuneration terms and conditions vary depending on the product and entity. Remuneration can be linear or based on bands. It can also be in kind. This interest may be paid monthly, quarterly or annually.
The interest rates for deposit accounts are set. Therefore, unlike other investment products, we know how what the returns will be. If there are any changes to the interest rates, the entity must inform us in advance so we can decide whether we want to continue with the product.
Deposit accounts are protected by the Deposit Guarantee Fund, which guarantees up to 100,000 per entity and holder, in the event of bankruptcy of the entity.