Banky team Reviewed editorial answerمعايا مبلغ ومش عارف أحطه في أنهي واحد فيهم.
All three pay a return on your money, but they differ in four ways.
Access: you can withdraw from a savings account at any time; in a deposit or a certificate the money is locked for a term, leaving early costs a penalty, and many certificates cannot be broken in the first 6 months.
Term: a savings account is open-ended, a time deposit usually runs from about a week to about two years, and a certificate runs for several years (3 years is common).
Rate type: fixed for the whole term, variable (a reference rate plus the bank's margin), or stepped (higher in year 1, then lower).
Payout schedule: monthly, quarterly, half-yearly, yearly or at maturity. That is when the money reaches you, not an advantage or a drawback.
No type wins over another in general; a savings account's rate may be lower in exchange for access at any time. The key question before choosing: when might you need the money, or part of it? If it could be any time, locking it has a cost. Before signing, read the product's key-facts statement: the term, the rate type, the break-penalty table and the fees.