Definition

1. Noun:
   • A financial account held by a customer at a bank or other financial institution. It is a record of the funds the customer has deposited, which can be added to or withdrawn from according to the agreed terms.

Usage

• A bank account is used to securely store money, make and receive payments (e.g., via checks, debit cards, or electronic transfers), and often to earn interest on deposits.
• Common types include checking accounts (for everyday transactions) and savings accounts (for storing money and earning interest).
• You typically need identification to open a bank account.

Examples

• "I need to check the balance in my bank account before I can pay that bill."
• "Her salary is paid directly into her bank account every month."
• "To apply for the loan, you must provide statements from your bank account for the last six months."

Advanced Usage

• "to have an account at/with a bank": This is a common way to state where one's bank account is held.
  • She has an account with a major national bank.
• "to hold a joint account": Refers to a bank account owned by two or more people.
  • The couple holds a joint account for their household expenses.

Variants and Related Words

• Checking Account (US) / Current Account (UK) (n): A type of bank account designed for frequent transactions, often with a checkbook and debit card.
• Savings Account (n): A type of bank account meant for depositing money to save, typically earning interest.
• Account Holder (n): The person or entity in whose name the bank account is registered.

Synonyms

• Financial account: A more general term for any account holding monetary assets.
• Deposit account: Emphasizes the aspect of placing funds with the bank.

Related Phrases

• Open a bank account: The process of establishing a new account with a bank.
  • You must be 18 years old to open a bank account on your own.
• Close a bank account: The process of terminating an account and withdrawing all funds.
  • We decided to close our bank account after moving to a different country.
• Bank account number: The unique code that identifies a specific account at a bank.
  • You will need your bank account number to set up the direct deposit.

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