What is a deposit account?

Banking Banking dubai 2046 times1 answer1 follower
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Natalie 21 Rep. elliemartin1 edited question

I am looking at opening a new bank account. I have seen the term deposit account being used a lot but I don’t know what it is. Can anybody help?

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Nisha Patel 371 Rep. Nisha Patel edited answer

Term Deposit Account refers to a particular type of savings account in which deposits are left for a pre-determined period of time or term. A Term Deposit Account generally pays out a fixed rate of interest.

You can compare the term periods and annual return offered by various banks here.

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