bank account

Definition

An account held by an investor at a financial institution. The financial institution holds the money for the investor, leading to a positive or credit balance, or loans money to the investor, leading to a negative or debit balance. Unlike a brokerage account, which allows an investor to buy and sell securities, a bank account is used for savings. Types of bank accounts include savings accounts and checking accounts.

Use bank account in a sentence

When she turned 18, I took my daughter to open his first bank account so that she would learn how to manage her money.

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When she went to open her first bank account, she decided that a savings account would be the safest option for the time being.

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Before your child is even born, you should consider setting up a bank account for him or her, and depositing small amounts of money that they can use at a designated age.

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