bank account

bank account
An account with a bank, held by an individual, firm or government. Money in an account may be instantly available, as in a current account (UK) or a checking account (US); or notice of withdrawal may be required, as in a deposit account (UK) or a time account (US). An account may be in credit, when the bank owes the customer money, or overdrawn, in which case the customer owes the bank money. Current accounts normally earn little or no interest, and may be liable to charges; interest is paid at somewhat higher rates on deposit accounts, and interest at considerably higher rates is charged on overdrafts, which may also incur extra charges.