Combination Account
Definition
- An account that offers the benefits of both savings and chequing accounts. You can write cheques and be paid interest if you have sufficient money in the account.
Synonyms
chequing and savings account, interest savings account
Related Terms and Acronyms
- Account Agreement — Definition,
- An agreement that you sign and which lists your rights and responsibilities and the bank's rights and responsibilities for the bank account.
- Bank — Definition,
- An institution that acts as a financial intermediary by receiving money from depositors and lenders and also lending to borrowers.
- Call Deposit Account — Definition,
- A bank account that combines some features from both savings and checking accounts.
- Chequing Account — Definition,
- A bank account that allows quick access to the money in the account.
- Joint Account (J/A) — Acronym, Important,
- A bank account owned by two or more persons who share equally in the rights and liabilities of the account.
- Money Market Account (MMA) — Acronym,
- A bank account that restricts the type and number of withdrawals. The account also earns interest similar to money market funds.
- Savings Account — Definition,
- A financial account that pays interest with low risk.
- Time Deposit — Definition,
- A type of deposit account with a stated maturity at which time the account reverts to another type of account or is "rolled over" for another fixed period of time.
