Fixed Deposit or Normal Saving

[Nomad]

When you use banks for saving, you can do it in two ways, one, deposit in a fixed deposit account, or use a normal saving accounts. Both of these saving methods have pros and cons. Interest rates vary by bank and country, but in my place you usually get 4 percent on saving and around 7 percent in fixed deposit. When you save money in banks do you use fixed deposit method or do you like to save in a normal saving accounts.

 

[eLdavis]

I normally use a regular savings account. I do not have a fixed deposit account on any bank just yet.

 

[Sanjeev]

It depends. When I know I may be requiring money in a few days, I go for the savings, and when I know I won't be requiring this money for a long time, I go for a fixed account.

 

[Springtime]

I have both accounts. I put some spare money in the fixed deposit account to earn more interest.

 

[Kross]

I have both fixed deposits and a normal savings account. The fixed deposit account is for funds that I don't want to have access for a long period.