In deposit terminology, the term Deposit refers to money placed with a bank or other financial institution. Deposits are generally made into either a checking or savings account, although many other types of accounts exist where deposits can also be made.
For example, a Deposit will often be made into a savings account for the purpose of wealth storage, but such a Deposit will usually only earn a relatively low interest rate. On the other hand, a Deposit made into a checking account allows the funds to be made available for use through the writing of a check. In addition to savings and checking accounts, other types of Deposits to different types of accounts can include: Term, Time, Call, Counter, Bank, Security, Current, Demand, Direct and Fixed Deposits. A deposit is generally required upon the opening of almost all fiduciary accounts at banks and other financial and credit institutions.