Which type of account is NOT typically considered a common deposit account?

The correct answer identifies fixed-rate mortgage accounts as not being a common deposit account. Common deposit accounts typically refer to those accounts that allow customers to deposit money, earn interest, and readily withdraw funds, which includes savings accounts, time accounts (like certificates of deposit), and money market deposit accounts.

Fixed-rate mortgage accounts, on the other hand, are not deposit accounts. They are loans issued to borrowers to purchase real estate, where the borrower makes regular payments to the lender over a specified period. These accounts do not function as a repository for customer deposits, nor do they allow for typical deposit account activities such as withdrawing or depositing money at will.

Recognizing the distinction between deposit accounts and loan products is crucial in understanding the context of regulated financial services and how they operate under laws like the Truth in Savings Act. This helps clarify which accounts a consumer might engage with for their savings versus those intended for borrowing purposes.