bank account

Friendly

Word: Bank Account

Part of Speech: Noun

Definition: A bank account is a service provided by a bank that allows a customer to deposit money and then withdraw it when needed. It is a safe place to keep your money, and it can also earn interest over time.

Usage Instructions:

• You can open a bank account to manage your money.
• You can deposit (put in) money into your account or withdraw (take out) money from it.

Example:

• "He moved his bank account to a new bank because they offered better interest rates."
• "I need to check my bank account to see how much money I have."

Advanced Usage:

• Bank accounts can come in different types, such as checking accounts (for everyday transactions) and savings accounts (for saving money and earning interest).
• Some people may also have joint bank accounts, which are shared between two or more people.

Word Variants:

• Checking Account: A type of bank account that allows easy access to your money for daily expenses.
• Savings Account: A type of bank account that usually earns interest and is used for saving money.
• Joint Account: A bank account held by two or more people.

Different Meanings:

• The term "account" can also refer to a report or description of an event (e.g., "She gave an account of her trip").
• In technology, an "account" can refer to a profile for accessing online services (e.g., "I created an account on the website").

Synonyms:

• Deposit account
• Financial account
• Investment account (if it involves investing money)

Idioms and Phrasal Verbs:

• "In the black": This means to have more money in your bank account than you owe (not in debt).

  • Example: "After paying off my bills, I am finally in the black!"

• "Break the bank": This means to spend all your money or to spend a lot of money.

  • Example: "I want to go on a nice vacation, but I don't want to break the bank."

• "Cash in": This means to withdraw money from your account or convert it into cash.

  • Example: "I decided to cash in some of my savings for a new car."

Summary:

A bank account is an essential financial tool that helps individuals manage their money safely and effectively.

Academic

Noun

1. a fund that a customer has entrusted to a bank and from which the customer can make withdrawals
   • he moved his bank account to a new bank