what is a dda

A DDA stands for demand deposit account, which is a type of bank account that is payable on demand. It is a spending account that lets you withdraw your cash whenever you need access to it. The most common types of DDAs are checking accounts, but savings accounts and money market accounts are also considered payable on demand. With a DDA, you can withdraw funds whenever you like, without advance notice. DDAs are often the foundation of an individual’s financial life, allowing them to spend and manage their money seamlessly.