The Website Bank Account

Bank Account, A bank account is a monetary account with a banking institution recording the balance of money for a customer. Account types include Other account types * Savings account * Low-cost account (Canada) * Time deposit * Numbered bank account * Negotiable Order of Withdrawal account * Automatic transfer service account * Money market deposit account * Individual Savings Account * Tax-Exempt Special Savings Account * Transaction deposit Some accounts are defined by their function rather than nature of the balance they hold. Bank accounts designed to process large numbers of transactions may offer credit and debit facilities and therefore do not sit easily with a polarised definition. These transactional accounts are called by different names in different countries: in the U.S. and Canada, they are checking accounts, in the UK current accounts.