Meaning & use
settled account
Last updated
Meanings
nouncountablefinancebusiness
a financial account for which all debts have been paid and no balance remains.
Grammar: Use it as a countable noun: 'a settled account', 'the settled accounts'. Often in business or legal contexts.
Patterns
- a settled account
- settled accounts
The bank confirmed that my loan was a settled account with no outstanding fees.
After the final payment, the seller sent a letter confirming the settled account.
We keep records of all settled accounts for seven years.
nouncountablefigurative
a situation in which someone has taken revenge or received compensation and no longer feels they owe or are owed anything.
Grammar: Often used figuratively in phrases like 'consider the account settled' or 'a settled account'.
Patterns
- a settled account
- consider the account settled
After he apologized and paid for the damage, she considered it a settled account.
The two rivals finally shook hands, treating their past conflict as a settled account.
Word forms
| plural | settled accounts |
|---|
Common combinations
- a fully settled account
- The statement showed a fully settled account.
- settled account balance
- The settled account balance is zero.
- settled account statement
- She requested a settled account statement for her tax records.
- close a settled account
- The bank will close a settled account after a period of inactivity.
Synonyms and how they differ
- paid-up account
- This emphasizes that all required payments have been made, often used for memberships or insurance.
- closed account
- This means the account is no longer active, which often happens after it is settled, but it can also be closed for other reasons.
- balanced account
- This means the account has no remaining balance, similar to settled, but it may still be open.
Opposites
Word family
- settle verb
- To pay a debt or end a dispute.
- settlement noun
- The act of paying or the amount paid to end a debt or disagreement.
Commonly confused: settled account or settlement account?
settled account vs settlement account
A 'settlement account' is an account used to hold funds during a transaction, while a 'settled account' is one that has been paid off.
Practice
What does 'settled account' most commonly mean in banking?
Choose one answer.
A settled account means all debts have been paid and the balance is zero. The other options describe different account statuses.
Make it your own
Write a sentence using “settled account”, then check it and compare it with the examples above.