Depository account

CRS

The term “Depository Account” includes any commercial, checking, savings, time, or thrift account, or an account that is evidenced by a certificate of deposit, thrift certificate, investment certificate, certificate of indebtedness, or other similar instrument maintained by a Financial Institution in the ordinary course of a banking or similar business. A Depository Account also includes an amount held by an insurance company pursuant to a guaranteed investment contract or similar agreement to pay or credit interest thereon.

FATCA

Depository account [§1.1471-5(b)(3)(i)]

(i)(A) In general [§1.1471-5(b)(3)(i)(A)]

Except as otherwise provided in this paragraph (b)(3)(i), the term depository account means any account that is-

(1) A commercial, checking, savings, time, or thrift account, or an account that is evidenced by a certificate of deposit, thrift certificate, investment certificate, passbook, certificate of indebtedness, or any other instrument for placing money in the custody of an entity engaged in a banking or similar business for which such institution is obligated to give credit (regardless of whether such instrument is interest bearing or non-interest bearing), including, for example, a credit balance with respect to a credit card account issued by a credit card company that is engaged in a banking or similar business; or [§1.1471-5(b)(3)(i)(A)(1)]

(2) Any amount held by an insurance company under a guaranteed investment contract or under a similar agreement to pay or credit interest thereon or to return the amount held. [§1.1471-5(b)(3)(i)(A)(2)]

(i)(B) Exceptions [§1.1471-5(b)(3)(i)(B)]

A depository account does not include-

(1) A negotiable debt instrument that is traded on a regulated market or over-the-counter market and distributed and held through financial institutions; or [§1.1471-5(b)(3)(i)(B)(1)]

(2) An advance premium or premium deposit described in paragraph (b)(3)(vii)(C)(5) of this section. [§1.1471-5(b)(3)(i)(B)(2)]

UK Guidance: AEIM101540

UK Guidance: FATCA03.03

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