Sign Up or Log in
Homepage
Buy
Sell
Flat Fee MLS
Title
How it Works
Contact

Real Estate Glossary

What is Special Deposit Account?

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.