If you’ve ever opened a bank account and felt overwhelmed by financial jargon, you’re not alone. At CNB Bank, we believe understanding your money should be simple, especially when it comes to deposits, one of the most important parts of managing your everyday finances.
In this guide, we break down key deposit‑related banking terms so you can feel confident about how your money works.
What Is a Deposit?
A deposit is money you put into your bank account. When you make a deposit, those funds become part of your account balance and are available for use—whether you’re writing a check, using a debit card, or transferring funds online. Deposits are the foundation of most everyday bank accounts.
Checking Account
A checking account is a type of deposit account designed for frequent use. It lets you deposit and withdraw money on demand, pay bills, make purchases with a debit card, or write checks. Funds in checking accounts are considered liquid, meaning you can access them easily when needed.
At CNB Bank, our personal checking accounts offer a variety of features to make daily banking easy, including debit cards, mobile check deposit, and rewards programs like Kasasa Cash Back® and Kasasa Cash®.
Interest‑Earning Deposit Accounts
Some deposit accounts do more than just hold your money, they help it grow.
Kasasa Cash®: This checking option pays interest on your balance when qualifications are met, so your deposits can earn more over time.
Savings or Money Market Accounts: While not everyday checking, these deposit accounts are designed to hold funds you aren’t spending right away and may earn interest with certain features or balances.
Mobile Deposits
Nowadays, you don’t always have to step into a branch to make a deposit. With CNB Bank’s mobile and online banking tools, you can deposit checks right from your phone using mobile check deposit—a huge time saver during busy days.
ITM and Direct Deposits
ITM Deposit: Drop in cash or checks at an ITM when you’re on the go, and these funds will be credited to your account according to bank policies. ITMs offer self-service access for cash withdrawals, deposits, transfers, balance inquiries, and loan payments, with live teller assistance available during business hours when needed.
Direct Deposit: This is an electronic transfer where your paycheck goes directly into your account without needing to visit a branch.
Both methods are safe, convenient ways to ensure your money gets where it needs to be.
Certificates of Deposit (CDs) – Smart Savings for Specific Goals
A Certificate of Deposit (CD) is a type of deposit account that pays interest in exchange for leaving your money untouched for a set period of time. CDs are ideal if you have savings you won’t need right away and want to earn a predictable return.
Here are some key CD terms made simple:
The term is how long your money stays in the CD—often ranging from a few months to several years. Longer terms typically offer higher interest rates because your money is committed for more time.
Interest rate is the percentage your deposit earns over time. CD interest rates are usually higher than standard savings or checking accounts because the bank can plan around the funds being held through the full term.
The maturity date is the date your CD term ends. At maturity, you can withdraw your original deposit plus the interest earned, or you can roll it into a new CD.
If you take your money out before the CD reaches its maturity date, you may incur an early withdrawal penalty. That’s why CDs work best for funds you won’t need right away.
While interest rate is the percentage you earn, yield reflects the actual return on your CD over time—often taking compounding into account.
Understanding How Deposits Work for You
Every deposit you make helps you:
Manage everyday spending
Save for goals like a vacation or a new home
Qualify for rewards with certain checking accounts
Access money conveniently through digital and in‑branch services
For help choosing the right account or learning more about how deposits give you flexibility and control, visit our Personal Checking page and explore your options.
Wrap‑Up
From everyday spending to building savings, understanding how deposits and deposit accounts work can help you feel more confident with your finances. Whether you’re making a quick mobile deposit or earning rewards on your balance, knowing the basics sets you up for smarter banking.
Ready to make your money work smarter? Let’s talk about the right deposit account for you.