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Tips — Glossary

Time Deposits vs. Demand Deposits

Enrich Financial Life Glossary

Time Deposits vs. Demand Deposits

Have you heard the terms time deposit and demand deposit? Not sure what they mean? Let KayeCee explain... Time Deposit  An interest-bearing bank deposit that is expected to be held within that account until a certain date.  Example: Certificate of Deposit - The bank or credit union creates an account to hold the money that you deposit. The money stays in that account for a specified time. (Generally 30 days to 5 years) If the money is withdrawn early, a penalty is paid.  Demand Deposit A deposit that can be demanded by the account holder at any time. Example: Checking...

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