What Is a Bank Account?
A bank account is a financial record held with a bank or financial institution that lets an individual or business store money securely, make payments, and access funds as needed. Common types include checking accounts (for everyday spending and transactions), savings accounts (for setting money aside and earning interest), and money market accounts (which blend features of both).
When you open a bank account, the institution keeps track of your deposits, withdrawals, and balance. Accounts often come with tools like debit or credit cards, online banking, and mobile access to help manage money. Banks may pay interest on some account types, though rates vary.
Bank accounts provide a regulated way to hold and move fiat currencies, backed by deposit insurance in many countries. They also serve as a hub for direct deposits, bill payments, and automatic transfers.
In the crypto space, some platforms like KAST offer USD virtual accounts that function similarly, letting users hold and move fiat and digital assets seamlessly between traditional and blockchain systems.
