Longman Dictionary of Contemporary English
Wiktionary
n. 1 (context medicine English) A place where sperm from donors is stored for future use in artificial insemination. 2 (context vulgar English) The vagina.
WordNet
n. a depository for storing sperm
Wikipedia
A sperm bank, semen bank or cryobank is a facility or enterprise that collects and stores human sperm from sperm donors for use by women who need donor-provided sperm to achieve pregnancy. Sperm donated by the sperm donor is known as donor sperm, and the process for introducing the sperm into the woman is called artificial insemination, which is a form of third-party reproduction.
From a medical perspective, a pregnancy achieved using donor sperm is no different from a pregnancy achieved using partner sperm, and it is also no different from a pregnancy achieved by sexual intercourse.