What does Bank account mean?
A bank account is an account that is owned by a client at a financial institution. The bank holds the money deposited for the investor, which leads to a positive balance also known as credit balance, or loans a certain amount of money to its client, leading to a negative balance otherwise known as a debit balance.
A bank account is created for savings, unlike a brokerage account, which enables an investor to buy and sell different securities. There are several types of bank accounts that can be created at a financial institution, like checking accounts and savings accounts.
In consumer terms, a bank account is a personal place where a client places money deposits, and acquires loans. Once, bank accounts were necessary in order to own a credit or debit card, and perform any type of transaction. This is no longer the case, since they came up with various prepaid products, it is not necessary for a cardholder to have an individual account.