A special deposit account is a type of bank account that is set up to hold funds for a specific purpose, such as a down payment on a house or a renovation project. These accounts typically have strict withdrawal rules, and the funds in them cannot be used for other purposes. Special deposit accounts are often used by people who are saving for a specific goal and want to keep the funds separate from their other savings.
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What does special deposit account mean?
Related terms
Origination Fee
Credit Card Discounts
Settlement Statement
HUD/ Closing statement
Liquidated Damages
Conservator
Interest Rate Buy-Down Plans
Housing Expense Ratio
Truth-In-Lending Act
Dimension Plans
Non-Liquid Asset
Certificate of Deposit (CD)
Landscape Contractor
Prequalification
Mechanic's Lien
Cash Return
Braced Framing
Baseboard Electric Heat
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