What is another word for deposit account?
Pronunciation: [dɪpˈɒsɪt ɐkˈa͡ʊnt] (IPA) 
A deposit account, commonly referred to as a savings account, allows individuals to save money and earn interest on their deposits. However, there are other synonyms for deposit account, including a time deposit account, certificate of deposit, or a money market account. A time deposit account requires a specific time commitment for the deposit, such as six months or two years, whereas a money market account typically yields higher interest rates but requires a higher minimum balance. A certificate of deposit is similar to a time deposit account, but the interest rate is fixed for the term of the certificate. Regardless of the account one chooses, a deposit account is an essential financial tool for building wealth and achieving financial goals.
