In the context of savings, a deposit refers to the act of placing money into a savings account through a bank or a financial provider.
It involves entrusting your funds to a reliable institution that safeguards and keeps them secure on your behalf while also potentially earning interest over time.
For instance, let’s you decide to save £500 from your monthly income. You can visit your local bank or use an online savings app, and deposit this amount into a savings account.
By making this deposit, you are effectively storing your money with that financial institution, allowing it to be kept safe while also potentially earning interest over time.