Photo: Mixmike / Getty Images Definition A depository ’s primary function is to hold on to your money for you, keep it safe, and give you access to it when you need it. Key Takeaways A depository is a type of institution that mainly receives its funding through deposits made by individuals and businesses. It then lends its deposits out to other customers in the form of loans and mortgages. As a customer of a depository, you can withdraw your funds whenever you’d like. There are three main types