English 
Español 
The types of deposits authorized by the Banco Central de Reserva are:
(a) Savings deposits: these are a type of deposit accounts intended for longer periods. They also offer higher interest rates and less liquidity than checking accounts. Direct withdrawal by check is not allowed. Banks may charge fees for early withdrawal of funds.
b) Checking account deposits: A checking account allows easy access to cash by allowing debit card withdrawals, ATMs and check writing. Thus, the checking account helps to improve the liquidity of small businesses in the short term.
c) Time deposits: A bank deposit with a fixed interest rate and fixed term is called a time deposit. A person cannot withdraw money from a time deposit account for a fixed term or must pay a penalty if he/she needs to withdraw funds before the end of the term. The amount of the penalty depends on the issuer and the term of the time deposit.
Translated by: A.M