The savings account that would be best for Vincent would be a fixed-term deposit.
An interest-bearing checking account often pays less interest than a savings account, which is a deposit account. Savings accounts have a cap on how many specific transfers or withdrawals you can make throughout each cycle of monthly statements. The ability to earn interest on deposits is one of a savings account's main benefits. Money lost out on excellent earning potential when held in a bank account that doesn't pay interest or in a home safe.
A fixed-term investment known as a term deposit entails the funding of an account with a financial institution. Investments in term deposits often have short-term maturities of one to several years and require various minimum amounts.
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