A deposit account is a type of financial account that holds cash or cash equivalents, such as a checking or savings account. A custodial account, on the other hand, is an account where a financial institution holds, manages, and reports on behalf of another party. For Form 8938 purposes, a custodial account includes accounts held at a foreign financial institution, such as a brokerage account, mutual fund, or retirement account. The reporting requirements for deposit accounts and custodial accounts are the same, but the information reported may differ.