Word

deposit

noun C1

UK /dɪˈpɒz.ɪt/

US /dɪˈpɑ.zɪt/

Meanings

noun

an amount of money paid in advance to secure something or as a first payment

noun

money placed into a bank account

verb

to put money or something valuable in a safe place, especially a bank

Definition

A deposit is an amount of money paid in advance as security or as part of a larger payment.

A deposit is money you pay up front to reserve something or to show you are serious, and it is often refundable under certain conditions. It can also mean money you put into a bank account. In a more general sense, it can refer to a layer or mass of material that has collected on a surface or in a place.

Examples

I paid a deposit to reserve the venue, but I’ll get it back if we cancel early enough.
She refused to sign the rental agreement until the landlord confirmed the deposit conditions in writing.
They asked for a deposit before they would start custom work on the kitchen cabinets.
You can deposit the check through the app, but he prefers to do it in person at the branch.

Common mistake

Learners often confuse deposit with advance payment and forget that a deposit is usually only part of the total price or serves as security.