BANK021 The difference between a savings account and a term deposit (548 words)

This article explains the key differences between a savings account and a term deposit, exploring their potential benefits and downsides, along with bank fees and tax implications.

Depositing cash in a savings account or a term deposit are the most common ways to invest your money. But, how do you know which is right for you?

First, let us explain their main differences and impact on your money.

What is a savings account?

A savings account is a deposit account held at a bank or other financial institution that earns interest.