Demand deposits are funds held
in an account from which deposited funds can be
withdrawn at any time without any advance
notice to the depository institution. Demand
deposits can be "demanded" by an account
holder at any time. Many checking and savings
accounts today are demand deposits and are
accessible by the account holder through a
variety of banking options, including teller,
ATM and online banking. In contrast, a term
deposit is a type of account which cannot be
accessed for a predetermined period (typically
the loan's term).