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TeachMeFinance.com - explain Deposit account historic definition... Deposit account -- In Great Britain a deposit account in a bank is one in which money deposited remains on deposit by agreement for a specified time and draws interest at a specified rate. On the other hand, a current or drawing account is one which may be added to and drawn against at will at any time. About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2007 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.