Deposit Account
A Deposit Account is a kind of bank account geared towards savings, offering a higher rate of interest compared to a current account, in return for less features.
Money in a deposit account is supposed to sit quietly earning interest, so it's rare for a deposit account to offer such features as direct debit, a standing order facility, or even a chequebook.
While the returns on your savings are low compared to other investment vehicles, it is a very safe way of saving as you are in no danger of losing your funds.
Most of the higher-rate deposit accounts have some restriction on withdrawals, either by requiring advance notice, limiting the number of withdrawals you can make, or imposing an interest penalty of several weeks on withdrawn funds.
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