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LSDefine
Simple English definitions for legal terms
NOW account
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A quick definition of NOW account:
A NOW account is a type of bank account that lets you earn interest and write checks. It's like a regular checking account, but you can earn money on the balance you keep in the account. You can use the account to pay bills or withdraw money whenever you need it. It's a good way to keep your money safe and earn a little extra at the same time.A more thorough explanation:
Definition: An interest-bearing savings account on which the holder may write checks.
Examples: A person may open a NOW account at a bank and earn interest on their savings while also being able to write checks from the account to pay bills or make purchases.
Explanation: A NOW account is a type of bank account that allows the account holder to earn interest on their savings while also providing the convenience of being able to write checks from the account. This type of account is useful for people who want to earn interest on their savings while still having easy access to their money for everyday expenses. The account holder can write checks from the account to pay bills or make purchases, and the bank will pay interest on the remaining balance in the account.