Personal fixed-term savings deposits are included in M2+ rather than M1 because they can easily be turned into cash for transaction purposes, but cannot be used directly as a medium of exchange. they can be used as a medium of exchange, but are less useful because of restrictions on their use for transactions. they are available only to institutions, not to individuals. they can be used as a medium of exchange, but are not as useful as the components of M1 as a store of value.