A deposit account that permits the depositor to withdraw funds on demand. Usually, but not always, a checking account.
Sometimes called demand deposit account ( DDA). American Banker Glossary
* * *
* * *
demand deposit UK US noun [C] (also sight deposit)
► BANKING money in a bank account that can be taken out immediately without having to tell the bank first: »
In addition to the interest cost, the borrower is often obliged to maintain a minimum interest-free demand deposit with the bank.
»a demand deposit account
Financial and business terms. 2012.