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Different types of demand deposit accounts

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different types of demand deposit accounts

Ease of access: Demand Deposits such as checking accounts always provide quick and easy access to the bank's customer through various means such as ATMs. They offer lesser liquidity and more interest rates as compared to a checking account. Money Market Accounts: It is another type of demand deposit which are‚Äč. Demand Deposits. As the name suggested, you can withdraw this deposit on demand. Such funds are held in accounts where it is easier to withdraw money either.

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60 Seconds To: Demand Deposits Related Articles. It's an interest-bearing account at a bank or credit union, not to be confused with a money market mutual fund. Different types of demand deposit accounts deposits can also place additional restrictions on withdrawals, such as limiting the number of withdrawals that can be made in a statement period. At the end of the period, the depositor has the choice of withdrawing deposited funds plus earned interest, or rolling over the funds into a new term deposit. Key Takeaways Demand deposits and term deposits refer to two different types of deposit accounts at a financial institution. different types of demand deposit accounts

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