What Does Initial Deposit Mean A minimum deposit often referred to as an initial deposit stands as the foundational amount necessary to inaugurate an account with a financial institution be it a bank or brokerage firm
A deposit is a transfer of funds to another party such as a bank for safekeeping or funds used as collateral for a loan Here s how it works The initial deposit is the minimum amount required to open an account often a one time obligation For example opening a savings account might necessitate 100 upfront This requirement is typically outlined in the account s terms
What Does Initial Deposit Mean
What Does Initial Deposit Mean
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What Is a Minimum Deposit A minimum deposit is the lowest amount of money you need to open a new bank account with a bank or credit union It can also refer to the minimum balance you must maintain in order to receive certain perks or avoid fees Minimum deposits vary depending on the type of account and the financial institution Deposits act as a form of security for both parties involved ensuring that obligations will be met on both ends A common example of this is the initial margin deposit required by brokerage firms to enter into a futures contract This deposit acts as insurance against potential losses due to market volatility
Many banks and credit unions require a minimum initial deposit when you open a deposit account such as a savings checking or certificate of deposit CD account A minimum deposit is the specific amount of money needed to open an account with a financial institution First deposit refers to the process involving the transfer of a sum of money to another entity to be kept in its custody is a deposit Hence the money transferred by investors to checking accounts or saving accounts at credit unions or banks are deposits
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What Is a Bank Account Deposit A bank account deposit is the act of placing money into a bank account either in a checking or savings format for safekeeping and potential interest earnings Deposits which can be made via cash checks or electronic transfers differ in their processing time and fund availability A minimum opening deposit is the smallest amount of money required to fund a new bank account when it is first opened Not all banks require an initial deposit but for those that do this deposit is necessary to activate the account
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A minimum deposit often referred to as an initial deposit stands as the foundational amount necessary to inaugurate an account with a financial institution be it a bank or brokerage firm
https://www.investopedia.com › terms › deposit.asp
A deposit is a transfer of funds to another party such as a bank for safekeeping or funds used as collateral for a loan Here s how it works
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What Does Initial Deposit Mean - Many banks and credit unions require a minimum initial deposit when you open a deposit account such as a savings checking or certificate of deposit CD account A minimum deposit is the specific amount of money needed to open an account with a financial institution
