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(i) A fixed deposit account is in force for a specified period of time while savings account is a running account as minimum balance is maintained.
(ii) A fixed deposit account is for people with substantial amount of money while savings account is for small saves.
(iii) Fixed deposit account can be used as security for a bank overdraft while savings account cannot be used as security for a bank overdraft.
(iv) Larger amounts are needed to open a fixed deposit account while smaller amounts are required to open a savings account.
(v) For a fixed deposit account, money is not withdrawn before contract is over while for savings account, money can be withdrawn at an agreed interval.
maurice.mutuku answered the question on July 24, 2017 at 05:49
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