A savings account has an indefinite term, meaning you can add or withdraw money whenever you want.
A term deposit has a fixed interest with a fixed term, and you open it with a set amount of money. This means that you know exactly how much you will earn once the term ends, or at "maturity".
What is the difference between a savings account and a term deposit? Print
Modified on: Thu, 21 Jan, 2021 at 7:14 PM
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