Deposit account

Okay, let me explain what a deposit account is like you’re five years old.

Do you know what money is? It is a little paper or metal thing we use to buy things we want or need, like candies, toys or groceries. We keep this money in certain places so that it’s safe and when we need it, we can use it.

A deposit account is also like a safe place where we keep our money. It’s like a little bank account that you can keep your money in. When you put money in such an account, the bank keeps it safe for you and gives you a little extra money for letting them keep it. This is called ‘interest.’ The more money you put in your deposit account, the more ‘interest’ you get in return.

When you grow up, you might need to save money for buying a car, a house, or even a college education! That’s when a deposit account will come in handy. It will help you keep your money safe and grow even bigger over time, just like a little investment.

So remember, a deposit account is like a little, magic box to keep your money safe and help it grow.