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What is the difference between a savings account and a deposit?

There are several differences, here are the most important:

➤⠀Savings account it is for an indefinite period of time, and a deposit is for a fixed period that can be extended;

➤⠀The savings account has no maturity date, deposits and withdrawals are not restricted by a certain date. In other words, you can access the money at any time.

On the other hand, the classic deposit has a maturity date that must be respected. Thus, if you withdraw the money before the term, the interest for the deposit period is lost. 🙁

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