Only that portion of a person's capital that for some more or less considerable period is not likely to be needed for other purposes ought to be put into time deposits.

A bank, however, is generally a much safer place in which to keep a fund of purchasing power for the future than is the strongest private treasure box.
Receiving time deposits is the one essential function of savings banks, but this function is increasingly performed by other banks[5].
Sometimes time deposits are cared for by a separate department and kept separate from the general business of a commercial bank.
Sec.5.

#Demand deposits#.

Demand deposits are those payable on demand, the demand in practice being by means of personal checks requesting the bank to pay to (or on the order of) a specified person, or to pay to bearer.

A customer's bank account consisting of demand deposits is called a checking account.