FinanceSource: Banking fundamentals
A deposit is money you put into an account.
Example
Maya puts $15 from her wallet into her saver on Friday. The $15 is her deposit.
How it fits in
A deposit increases the account balance. An opening deposit is the first amount added when you open a savings account. Later deposits add more money, but some fixed-term accounts allow only the opening deposit.
Where this is taught
Practise it on the platform
Related terms
Compound Interest
When the money you earn from saving starts earning its own money on top.
Simple Interest
Interest paid only on the original amount, never on the interest you have already earned.
Needs vs Wants
Needs are the things that keep you safe and well. Wants make life nicer. Mixing them up is what empties most budgets.