One of the most basic of the terms you will come across in banking and in personal banking when running your account is the word deposit.

The word deposit simply refers to the process of putting money/funds into an account, whether it be a current account or a savings account.

Thus if you were to pay £100 into your savings account, then that would be said to be making a deposit of £100 into the account. Generally whenever money goes into account then that is a deposit. The opposite of course being a withdrawal, when a payment goes out rather than in.

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