I'm reading through Berkshire Hathaway Letters to Shareholders and I'm confused by the following quote:
In the last few years, Illinois National's mix of deposits has moved considerably more than the industry average away from demand money to much more expensive time money. For example, interest paid on deposits has gone from under $1.7 million in 1969 to over $2.7 million in 1971.
I'm getting stuck on "demand money to time money". Anyone have any interesting input on this?