The deposit products offered by banks can be categorized into various types. Each type has its own features, advantages and disadvantages, and it’s important to choose the one that best suits your needs.
**2. Savings**
A savings account is a product that allows customers to save a certain amount of money on a regular basis and receive interest after depositing it for a set period of time. The annualized interest rate is often higher than for savings, and the longer the deposit period, the higher the interest rate.
**3. Savings Deposits**
Checking accounts are a common deposit product that allows you to make deposits and withdrawals freely, and you can withdraw money whenever you need it. However, it is characterized by low interest rates and little fluctuation.
**4. Minor account**
Minor accounts are loans, not deposits, and allow you to withdraw funds with a negative balance. However, they may have higher interest rates and additional fees depending on the product.
**5. What to consider when choosing a deposit product**
Customers should consider their financial goals, deposit term, and interest rate when choosing a deposit product. It is important to choose the right deposit product based on your household financial situation and lifestyle.”