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DOMINGO, Celine Elaiza B.

Bas Fin – Sec 2

Types of Deposits in the Bank:

• Transactional accounts
known as "current accounts" in the Commonwealth and "checking accounts" in the
United States. A deposit account for the purpose of securely and quickly providing frequent
access to funds on demand, through various different channels. Because money is available on
demand, these accounts are also referred to as "demand accounts" or "demand deposit
accounts", except in the case of NOW accounts, which are rare checking accounts that require a
seven-day notice before withdrawals.

• Money market account


A deposit account that pays interest at money market rates, and for which no notice or
very short notice is required for withdrawals. In the United States, they are similar to checking
accounts in that they offer check-writing privileges and instant access but they are subject to
the same regulations as savings accounts, including monthly transaction limits.

• Savings account
Accounts maintained by retail banks that pay interest but can not be used directly as
money (for example, by writing a cheque or using a debit card at a point of sale), although cash
can be withdrawn from these accounts at an automated teller machine. While they are not as
convenient to use as checking accounts, these accounts generally offer consumers a higher rate
of interest than a transactional account and will usually be linked to a transactional account.

• Time deposit
also known as a certificate of deposit in the United States
A money deposit at a banking institution that cannot be withdrawn for a preset fixed 'term' or
period of time and will incur penalties for withdrawals before a certain date. When the term is
over it can be withdrawn or it can be rolled over for another term. Generally speaking, the
longer the term the higher the interest rate offered by the bank.

• Call deposit
A deposit account that allows for the withdrawal of funds without penalty but requires a
higher minimum balance to earn interest.

• Sweep account
A deposit account in which amounts over a certain balance are automatically transferred
to another account pursuant to a pre-determined set of arrangements.
Major Types of Accounts in the Bank:

 Basic Saving Accounts

A saving account is the simplest of the savings tools and can be opened with a low amount of
money. Most consumers use a saving account in conjuction with a checking account for their
basic saving needs. Savings accounts can be opened through a brick and mortar bank or through
an online bank. Generally, most basic savings accounts do not have limitations on how much
you can deposit or a minimum on how much money you must keep in the account but many will
limit how many withdrawals you can make fee-free during a month. Most savings accounts offer
low interest earnings compared with other savings vehicles but there is growing competition
between banks and online banks to offer the most competitive interest rates.

 Certificate of Deposit

A certificate of deposit, more commonly known as a CD, is a type of savings account that has
more rules than a traditional savings account. You deposit your money into a CD and are
required to leave it untouched for a specified amount of time before you have access to the
funds, a time period known as its maturity date. If funds are withdrawn before the maturity
date, a penalty will be incurred. CDs offer a higher interest rate than other accounts which is
usually set as a fixed rate. Many investors looking for a simple way to invest their cash will
choose a certificate of deposit.

 Money Market Account

A money market account will offer a higher rate of interest than a traditional savings account.
However, unlike the CD, a money market’s interest rate will change more quickly in line with the
economy. There may also be a minimum balance required to maintain the account per the bank
you choose. The funds in the account can be accessed at any time but the bank will likely
impose limits on how many withdrawals can be made.

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