saving money

A deposit is nothing but an account which acts as a Canadian savings account where the savings are deposited into a bank account. This way the savings are saved up into a single bank account which can be accessed whenever and wherever. When issued in a Canadian bank institution them the savings can be accessed that is the money can be deposited or withdrawn from any other similar bank institution by the account holder. This is one of the advantages when money is deposited in any of these bank institutions.

This money whenever accessed and any transactions take place in the current account or savings account or any other such types of account then the account holder gets notified of these actions. A Canadian deposit account is nothing but an account in which a withdrawal made or amount kept at a banking institution is known by the account holder. These transactions that are the withdrawals made or the money put is recorded on the Canadian bank’s books. The balance which is left is recorded as a liability for the bank and it also acts as a proof to the amount which is held by the bank to the customer. Some Canadian banks charge for showing the proof to the customer but other Canadian banks pay up the interest to the customer as part of the funds deposited.

There are various types of accounts possible when it comes to deposits. First kind of them is checking accounts. A checking account is also a deposit account which provides frequent or quick access to your funds which are saved in some bank or financial institution. These can be accessed through a variety of channels as money can be accessed easily through these accounts, as it is available on demand, hence these accounts are also called as demand accounts or demand deposit accounts. The second type of account is called as savings accounts. The accounts that are maintained as savings in retails banks acts as a savings account. These can be accessed anywhere and at anytime. These can be accessed only through cheques and not the usual way. They are not as popular as checking accounts in Canada as they are a little difficult to access as compare to checking account. These accounts allow the customers to keep liquid assets and they end up earning a return.

Another type of accounts is that called money market deposit account. It is also a deposit account which has a high interest rate that too in short notices in case of withdrawals. That is whenever you need to withdraw you can do it in short notice. It gives instant access to federal savings account regulations along with monthly transactions. It also allows monthly transactions in a certain interest rate of course it comes along with a limit. Another type is called as time deposit account in which the money can be accessed after a certain period of time and transactions can be done after a certain period of time only.

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