This article will discuss the types of bank accounts, their features and main differences.
Almost everyone needs a bank account. to modern man, because it allows you to receive payments, save funds and manage them in a non-cash form.
The account holder can be an individual or legal entity. Depending on the purpose of use, bank accounts come in several types.
In this article we will look at what a current, current and deposit account is and how they differ.
Types of bank accounts
Current
A card account allows you to:
- cash out through an ATM your own (pension, salary card ) or credit funds, bypassing queues at banks, at the post office;
- , cash-in banknote acceptor;
- manage money and control expenses remotely (for example, through Sberbank online).
The owner of the current account can:
- entrust regular payments to bank employees;
- convert money into dollars/euros without withdrawing them.
Each account is assigned individual number.
Sooner or later, almost every citizen of our country faces the need to open a deposit account in a bank. What is it and how to use it will we discuss in today’s material.
Almost all legal entities, as well as many ordinary people, use banking services. Sooner or later the question arises in their minds: “What is a deposit account in a bank?” The answer to this is quite simple: this is a current bank account in which the client stores his money, and the bank, in turn, pays him for this in the form of interest charges for the amount of the deposit. A deposit account is sometimes called a deposit or deposit.
In other words, we can summarize that going to a bank is a way to save and increase your money using the services financial institutions.
History of appearance
Greece is considered the channel in which the first principles of deposit accounts began to emerge. In times when there were no modern financial institutions and no understanding of what a deposit account was in a bank, people kept their wealth in temples. They put their goods in pots, wrote their name and date.
At the same time, the temple assumed an obligation to preserve valuables, but at the same time took a reward for such a service. This was more reminiscent of today's service for saving valuables in individual deposit boxes, which banks provide.
At a time when everything more people kept their savings in gold coins, the so-called “money changers” appeared. They kept cash for a certain reward. Then they realized that the gold coins they kept could be given to other people as a loan and make money from it.
At this moment, the first principles and understanding of what a deposit account in a bank was born. When investors found out that the money changers were making money on their money, they wanted to have some kind of dividends from it. From this moment on, the principle of calculating interest for placing a deposit appeared. There are several types of deposits. This article discusses the most popular of them.
What types of deposits are there based on retention period?
According to this criterion, they distinguish:
- 1. Demand deposits. This is a type of deposit, the terms of which state that the deposit agreement has no validity period, that is, they are unlimited.
- 2. Time deposits. Such deposits have certain period. Often contracts are concluded for 3, 6, 9, 12 and 24 months, but other options are possible. Such deposits can be returned ahead of schedule, if so provided by the agreement.
What are the methods for withdrawing deposit funds?
Based on the method of withdrawing deposit funds, deposits can be divided into the following types:
- 1. At the end of the term completely. Such deposits cannot be withdrawn early, except in cases where the client breaks the agreement with the bank. But in this case, there will be a fine in the amount of interest that the bank will withdraw from the client for violating the terms of storage of funds that were specified in the agreement.
- 2. Perhaps partial withdrawal. Deposit accounts with this option provide the client with the right to partially withdraw funds from the account as needed. In this case, no penalties will be applied to him by the bank.
Deposit funds You can withdraw either through a bank cash desk or by non-cash transfer to a card or current account. The bank may charge an additional commission for this.
How is interest calculated on deposits?
Deposits according to the method of calculation and payment of interest are divided into:
- 1. Deposits with interest payment at the end of the term. This means that the interest that the bank accrues on the deposit amount is given to the client when the body of the deposit is paid out at the end of the term.
- 2. Deposits with capitalization. Such deposits are considered more profitable than previous ones. The conditions imply that the bank adds monthly interest accrued to the client on his deposit to the body of the deposit, that is, with next month interest will already accrue on a large amount.
To better understand what a deposit account in a bank is, you need to divide deposits according to the conditions for extending the storage period (or deposit agreement):
1. No extension. These deposit agreements are not renewed once they have expired. Deposit funds will be kept in a bank account without accruing interest until the client withdraws them.
2. With extension. To date, extension deposit agreements is a popular and popular service. After the expiration date, the deposit is automatically re-placed for the same period for which the agreement was concluded, but at a new deposit rate. Very often, banks have loyalty programs that increase the standard interest rate from 0.5 to 1% for renewal, which is more profitable for customers.
Depending on the method of replenishment, deposit accounts are divided into:
1. With the possibility of replenishment. Such deposits can be replenished at any time, which is very convenient if there are additional funds that the bank client also wants to deposit into such an account.
2. Without the possibility of replenishment. This type of deposit cannot be replenished, which is stipulated in the agreement for opening a savings account.
What are the most popular deposits?
Based on the example of Russian banks, we can conclude that the most popular is the classic deposit account. Alfa Bank accrues the most for such a deposit large percentage, compared to other types of deposits. Classic ones are those that are placed for a certain period without the possibility of partial withdrawal.
In order to open a deposit account in a bank, a person usually needs to bring his passport and an identification number taxpayer.
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What is it - a deposit account in a bank?
A bank deposit account is one of the special bank accounts, the main feature of which is that the bank charges interest on the amount placed on such an account. About it banking product we'll talk further.
What does a deposit account in a bank mean?
An account opened by a legal entity or citizen to place funds on it for which credit organisation will accrue interest in the amount established by agreement of the parties - this is a deposit account in a bank.
Funds in such an account can be placed for a period strictly defined by the contract or on demand. The amount of accrued interest usually depends on these conditions (in the second case it is usually much lower).
Interest can be accrued with capitalization (i.e., the amount of accrued interest is added to the amount available on the account, thus increasing the base for accrual of interest in the subsequent period) or without it. 
Spending funds on such an account before the expiration of the period established by the agreement is usually not allowed (or is allowed up to the level of the minimum balance), in some cases (according to the terms of the agreement) its replenishment is allowed.
Debit bank account
A debit account in a bank is any account that is intended to be placed own funds client (for example, amounts transferred by the employer wages, deposits, funds deposited by the client into the account using card products or through the bank’s cash desk, etc.). Thus, a deposit account is a type of debit account.
Deposit and current bank accounts
A deposit account is intended for urgent placement of funds that cannot be withdrawn from it, transferred or used until the expiration of the period specified in the agreement between the bank and the client. Otherwise, the latter will lose all or part of the interest.
Deposit accounts in a bank can be opened by individuals and legal entities. These types of accounts are designed to store funds for a certain period and at certain interest rates.
To open a deposit account, an agreement is concluded between the bank and the client. Upon entry into force of such an agreement, all available funds from the account individual or legal are transferred to a deposit account and from that moment interest accrues.
Types of deposit accounts
There are several types of deposit accounts: fixed-term and demand. With a fixed-term deposit, the bank client himself determines the specific date when he can withdraw his funds. With this type of deposit, interest rates are much higher than with demand deposits.
When concluding an agreement on a deposit account with a bank, the term deposit type may not be withdrawn from the account until the end of the agreement. In this case, the contract is automatically extended for the same period as the previously concluded contract.
When depositing on demand interest rate significantly lower, but in this case the client will be able to use his funds at any time the investor wants. There are many situations that the bank always meets its clients halfway when they arise. Every bank and bank employee values its reputation.
Interest calculation methods
There are several methods for calculating interest on deposits. This can be accrual of interest monthly, quarterly and with capitalization.
When calculating interest with capitalization, it is actually interest compounded on interest. This method is used in cases where the client withdraws interest from the account quite often. Interest rates on deposits can also be of several types. These are fixed and floating interest rates.
When using fixed interest rates, the contract specifies specifically what interest rate will be applied to a given deposit. And when floating interest rates are used in deposits, the contract states that the interest rate depends, for example, on the exchange rate; such an interest rate is applied mainly in deposits in foreign currency. In this case, it is not the interest rate itself that is indicated, but the changing rate over time. This rate is called the base, and the amount of the premium added to it is called the margin.
How to open a bank deposit account for individuals
Many bank clients know how to open an account. The same procedures apply when opening a deposit account. A valid account of an individual may also be needed when opening a deposit account, since when opening an account, money from a simple account can be immediately transferred at the bank’s cash desk to a deposit account.
To open deposit accounts for individuals, a list of documents is required, set by the bank. Opening deposit accounts implies the presence of the client in the bank.
When opening such an account, you will be required to provide a passport and sum of money, which you want to deposit into the account to receive interest income in the future. This operation in almost all banks can be done directly at the cash desk for servicing individuals.
Opening a deposit account by legal entities
To open a deposit account, legal entities must provide the relevant documents to the bank. As a rule, these are the same documents as when opening a regular current account by legal entities.
First of all, an application is submitted to the bank to open a deposit account in in the prescribed form jar. The next step is to provide a copy of the charter, certified by the seal of the legal entity. Then the registration of a card with sample signatures of employees of a legal entity who have access to the disposal of deposits, these are the signatures of the director, founder and chief accountant.
This card is certified by the seal of a legal entity, and then by bank employees. If there are signatures of employees on the card, copies of documents confirming the appointment to positions of the persons indicated on the card are required.
The processing time for opening a deposit account can range from several hours to several days. When opening a deposit account, legal entities have the right to choose to invest their funds at the desired interest rate.
There are deposits in different monetary terms. These may be contributions to national currency and in US dollars.
As you know, money cannot be stored under the mattress, otherwise it will be consumed by inflation. It is much wiser to “put into action” existing assets to preserve them and gradually increase them. You can do this by investing money in. It is assigned a twenty-digit number (in other countries, letters are allowed in the number).
The main purpose of the deposit is to accumulate funds of its owner. The account is opened for a certain period of time, during which the bank charges a certain percentage on the invested amount. Money on deposit cannot be used to pay for purchases or transfer them to another card.
After the conclusion of the agreement, the funds are transferred to the disposal of the bank for a specified period. Often the owner cannot withdraw money from the deposit before the agreed date. But for trusting their bank, the client receives a profit in the form of interest on the deposit.
Features of a deposit account
Deposit accounts are divided into time and demand accounts. Term deposit involves long-term storage funds in the bank, so a large interest is charged on it. Such conditions are beneficial to both the bank and the depositor. When concluding an agreement, the terms within which the client will be able to receive the accumulated deposits back are determined, but not earlier than the agreed date.
A demand deposit, in turn, does not have a clear set deadline deposit storage. That is, the client is not limited in his ability to return the deposit. Therefore, the bank does not charge the minimum interest rate. The deposit account has some characteristic features:
— limit for the depositor. The deposit performs the function of accumulating money, so its owner cannot use it before the agreed date. For the bank, this prospect is beneficial, since it can invest entrusted money and make a profit from it. Also, he does not need to urgently withdraw funds from circulation, since the client will not request them ahead of time;
— certain period. For the duration of the concluded agreement, the bank has every right to use the invested money; 
— interest rate. The highest interest rates are typical time deposits, payments on demand deposits are lower;
— insurance. Each deposit receives insurance, so in the event of a complete bankruptcy of the bank, its clients will still receive their funds back.
A common reason for opening a deposit is to effectively invest money in order to increase it. Also, such an account is suitable for those who want to save a large amount, for example, or an apartment.
How to open a deposit?
Making a deposit is accompanied by opening an account. Moreover, even with capitalization, the deposit can exist without a current account. In this case, the accumulated interest will simply be added to the deposit amount. The bank can also link a current account to the deposit, where interest will be accrued regularly.
To open a deposit, you just need to come to any bank branch and make a request. After registration, the client’s money will be automatically credited to his account, and it will not be possible to use it for the period established by the contract. Upon closing the deposit, the bank will transfer the funds to the client’s current account or issue them in cash at the cash desk.
How does a deposit account differ from a current account?
The main difference between a deposit and a current account is the ability to use the latter for transfers, payment for purchases and other transactions. In this case, the deposit and current account can exist in parallel. Moreover, the client can have several deposit and current accounts in one bank for each currency.
A checking account is a “place” for storing a depositor’s funds. The money in such a deposit is available for use at any time, so the interest rate on such an account is not particularly high. A deposit account, in turn, does not provide such an opportunity. The owner of the deposit receives more high percent for completely entrusting his savings to the bank. In addition, the percentage term deposit can be capitalized by receiving it as an advance every month or quarter. 
Thus, every month the investor receives at his disposal a percentage of the invested funds. On the other hand, interest payments can be added to the “body” of the deposit. The amount of periodic payments in this case will increase over time.
Deposit account is an account opened in a bank by an individual or legal entity for a certain period. The bank charges interest on such funds. The interest rate is negotiated when opening an account and depends on the following conditions: duration of the account, amount, period of conservation of funds.
The main advantage and essence of a deposit account is the increased interest rate on the deposit amount. The main purpose of opening such an account is to invest and preserve available funds.
The interest rate on a deposit is often close to the inflation rate, which means that the invested amount will not decrease over the years due to inflationary costs. And it brings the account owner a small or large income, depending on the amount of the deposit.
Features of the deposit
The bank imposes one condition on the depositor - money can be withdrawn from the account only after a predetermined period. The bank will not issue the money ahead of time or will issue it, but with losses for the depositor. Funds for deposit account cannot be used for everyday expenses.
Are you interested in deposits with interest paid every month? You will find all the information
It is important to know that a deposit implies giving the bank some valuable property, and make a profit from it. Such property may be cash, different types currencies, securities, shares, jewelry, precious metals. Not all banks agree to transactions with valuables.
Usage safe deposit box, as a place to store your valuables, without receiving income, also corresponds to the concept of a deposit. Sometimes socialists use the term depositary in this case.
Is it profitable to invest in deposits? Watch this video:
Deposits in the bank are made only by depositing cash into the account. Deposits can be opened both in national currency and in foreign currency.
Binary options are the new kind earnings, and how exactly to earn money in this way - find out in the article.
More than low interest. The terms of the deposit are negotiated in advance, before signing the agreement. The depositor, depending on the terms of the deposit agreement, has the opportunity to more freely manage his own funds.
Difference between a deposit account and a current account
It is customary to distinguish three types of accounts possible for opening in banking institutions: current, deposit and settlement. Deposit account is an account opened with a bank under certain conditions. Funds cannot be withdrawn or replenished until a certain time has passed.
Current account – does not limit the owner’s access to his funds at any time. Money from the account can be used for any purpose. Such an account does not generate income for its owner. If the account involves the accrual of interest on the funds in the account, then this is the minimum rate, sometimes it can be about hundredths of a percent.
Savings account in a bank
A savings account is not a deposit account. The accrued interest depends on the amount of the contribution. This type of account allows for free access to funds. Funds can be placed, for example, only for one month; unlike a deposit account, such an account does not have a limitation on the validity period, and without the depositor’s statement of desire to close the account, the service agreement will be extended.
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Unlike funds in an insured account, funds in a savings account are not insured, which means that in case of unexpected problems with financial solvency bank, the funds cannot be returned to the account owner.
Programs offered by banks can be downloaded
Types of bank deposits
| Type of deposit | Posting period | Currency | Partial withdrawal of funds | Possibility to replenish your deposit | Interest rate, average for banks |
| Poste restante | is not limited | rubles | There is no partial withdrawal of funds, but the account can be closed upon written request from the account owner | No | 0,1-1% |
| Urgent: | rubles | — | — | — | |
| · savings | the period is specified in the contract | rubles | No | No | high stakes |
| · cumulative | the period is specified in the contract | rubles | No | Yes | average rates |
| · settlement | the period is specified in the contract | rubles | Yes | Yes | low rates |
| Conditional | — | — | payment is made in the event of the occurrence of an event specified in the contract | — | — |
| Multicurrency | — | it is possible to combine different currencies, with each setting its own rate | — | — | — |
| Calculated | — | rubles | perhaps until a certain amount on balance | Yes | if you violate the terms of the contract, the rate is reduced |
| Specialized contributions are presented preferential categories citizens, on special conditions negotiated individually | — | — | — | — | — |
How to save your savings
You definitely shouldn't keep your money in a dark corner at home. So they will depreciate every year, instead of working and generating income. Several reasonable options:
Bank deposits in parts corresponding to the amount of insurance. If the amount is small, then big income it will not bring, but the interest rate will most likely cover the inflation rate. Convert rubles to foreign currency. The best option is to evenly distribute your available funds and invest in different currencies, so the chances of going broke are reduced.
Investing in gold – gold never loses value, which means it is a profitable investment.
Stocks and securities - securities markets and exchanges, structures are complex and quite serious in terms of understanding. You can get rich in one minute, or you can lose everything, but if you understand all the intricacies and devote a lot of time to this process, you can increase your initial capital several times over.
Is it possible to live off bank deposit, this video will tell:
How to open an account
In any bank, when opening a deposit, a specialist will need to provide:
- passport;
- when serving, a military ID;
- If available, a pension certificate.
For legal entities scroll necessary documents much more extensive. Each bank independently designates the list of documents it needs, which will be communicated upon your visit to the institution.
Pros and cons of deposit accounts
The main advantage of deposits is the increased rate on the invested amount, and if this amount is significant, then the interest will be a good income. You can withdraw interest income either monthly or at one time when closing the deposit.
Examples of deposit offers from Sberbank. The downside is the limitation of the insured deposit amount, which means that in case of problems with the bank, funds in excess of the insured amount cannot be returned.
You can withdraw funds without losses only after closing the deposit; if you miss this moment, the contract will be extended and you will not be able to use the money at your own discretion without losses, or you will have to leave them in the bank for another full term.
Saving your money for deposit account convenient way, but only a deposit with a large initial amount can bring significant income.
