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

Obviously NOT the same - Time deposit says you can't touch the money for a set period of time.





You can always withdraw money from a savings account at any time or with very little notice.|||A basic savings account can be accessed anytime, while a time deposit can't be withdrawn for a certain length of time, unless a penalty is paid. Obviously interest rates are higher for time deposits. Generally, the longer the term the better the yield on the money