Advanced Vocabulary - Types of Bank Account

Types of Bank Account 

401(k) noun

in the US, a special account in which people can save some of the money they earn for their retirement without paying taxes on it.

account noun

an arrangement in which a bank looks after your money. You can deposit put in or withdraw take out money when you need to.

bank account noun

an arrangement with a bank that allows you to keep your money there and to pay money in and take money out.

budget account noun

British an account with a bank, shop, or other organization that allows you to pay for something with regular small payments.

checking account noun

American a current account.

chequing account noun

Canadian a current account.

current account noun

British a bank account that you can take money out of whenever you want using a cheque or a cash card . The American word is checking account.

deposit account noun

a savings account at a bank.

ISA noun

Individual Savings Account: a British tax-free savings account.

merchant account noun

business a bank account used by someone who sells a product or service for taking money from customers who pay by credit card.

savings account noun

a bank account that gives you interest on the money that you have in it.

total words = 11