What types of bank deposits do we know and how are they characterized? There are different breakdowns of bank deposits. The basic division can be when we divide bank deposits into renewable and non-renewable deposits. The first of these types of deposits, i.e. renewable deposits, are automatically extended after the period for which we have deposited our savings. Non-renewable deposits, however, end with the period for which they were concluded. In the case of a non-renewable deposit, if we want to continue saving, we must re-open the bank deposit, on Happysavers Financing you will find the most favorable offers.
Deposits can also be divided according to their length
And so we can distinguish short-term bank deposits and long-term bank deposits. Short-term deposits include deposits that do not exceed one year, i.e. several, several-day deposits, monthly deposits, and several-month deposits. Long-term deposits include all those bank deposits that last for over one year, i.e. one-year, two-year, three-year deposits. Usually long-term deposits are not opened for a period longer than six years.
The traditional bank deposit is a standard deposit
This type of bank deposit is dedicated to customers who value the traditional way of savingThe choice of terms for which a standard deposit can be made depends on the client, usually these are periods from one month to twenty-four months. You can use a standard deposit even if you have little savings. The amounts deposited on standard deposits start from five hundred dollars.
What is E-deposits?
Another type of bank deposits are deposits made via the Internet. These are called e-deposits. Such a deposit can be opened by any bank customer who has access to electronic banking. Very often a deposit opened through electronic banking is much better interest-bearing than a deposit opened in a traditional way by visiting a bank. Bank deposits opened via the Internet are a convenient way to open bank deposits. Without the need to leave the house and visit the bank, you can set up such a deposit yourself at home. Such deposits can be opened by anyone who has access to the Internet.