Demand Deposits
Demand deposits are funds on deposit with banks; they are subject to immediate withdrawal and are classified as cash.

Savings Deposits
These are interest-earning accounts in which the depositor is required (or may at any time be required) by the bank to give notice in writing not less than 30 clays before a withdrawal is to be made.

• Banking regulations provide that banks may waive the requirement of notice if the waiver applies to all depositors having the same provision of notice.
• The general banking practice today is to waive this 30 day notice, with balances withdrawable at any time during banking hours.
• Interest usually is earned from date of deposit to date of withdrawal and is credited periodically to the account.  (p22)

1988-2, NAIC