notice deposit VS demand deposit

If you need to park funds for more than 7 days but less than a few months, and you are willing to accept the slightly longer notice period (1-7 days), notice deposits are a good choice. If you only need to park for a short period and can accept the notice requirement, demand deposits are more convenient.

Rules vary by bank. Some banks can apply directly through the app, and some require a phone or outlet. Usually, 1-7 days' notice is required before withdrawal. During the notification period, the funds have been frozen and can no longer be used. So make sure you accept the delay.

Interest is usually calculated based on the actual payout date (based on actual days), not on the deposit date. This means you can delay withdrawals for a month and earn an extra month of interest. But only if you are genuinely available and willing to accept the risk of your funds being frozen.