Definition of a deposit account and differences compared to the normal current account, types and offer of online banks in relation to this account type.
Deposit account definition
A deposit account differs from the classic bank account in that it only has the function of a paid deposit as a safe investment, excluding any other additional transaction that goes beyond simple withdrawal and payment.
With a deposit account, therefore, transfers to other accounts that have not been previously predefined, checks payments, ATM withdrawals and other typical banking operations cannot be made.
Thanks above all to online banks, which offer high interest and zero expenses, the deposit account has become very popular in recent years as a means of saving, keeping liquidity immediately available in case of need, and it can be free or tied according to whether or not there is a time constraint for the withdrawal of one's savings.
Without constraint the money can be withdrawn at any time without charges while with a temporal constraint, if they withdraw beforehand, you pay a penalty coinciding in many cases with the non-payment of interest.
In most cases, the deposit accounts must be combined with a traditional current account, with the same bank or even others in certain cases, necessary for making withdrawals and deposits of money.
