demand deposit

An account from which deposited funds can be withdrawn at any time without any notice to the depository institution.

Investopedia Says:
This account allows you to "demand" your money at any time, unlike a term deposit, which cannot be accessed for a predetermined period (the loan's term).

Most checking and savings accounts are demand deposits, accessible by the account holder at any time.

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Account paying funds on demand without notice of intended withdrawal. Also called a checking account. Federal and state banking laws define a demand deposit as any bank deposit payable within 30 days. Bank demand deposit drafts, or checks, are Negotiable Instruments as defined by Article 3 of the Uniform Commercial Code. See also Check; Negotiable Order of Withdrawal (NOW) Account; Super Now Account.