Most people have a deposit account.
- Deposit Account: With this type of account there are no restrictions on how much, or how often you make a deposit.
- Regular Saver: This is where you make a specific deposit every single month. The best example of this is for the bank’s youngest customers, e.g. kids who have a "Christmas Club" or "Holiday Club" savings account. Here you put in a set amount every month (say $10) and then are able to withdraw the money, plus interest, for the holidays. A bank issues a passbook to record your deposit and shows you the interest amount you have accumulated each time you make a deposit. This is a great way to start to learn about savings and interest. Nowadays instead of just one fixed amount, most banks allow you to make a deposit within a specified range. And this might be good for people who have a job and want part of their pay check to automatically be put into a savings account. It also usually pays a good interest rate.