Hot Wallet: This is a singlesig wallet for day to day spends. You can use these wallets to store small amounts of bitcoin for day to day transactions.
2-of-3 vault: This is a standard multisig wallet. You would be setting up 3 keys to the wallet and would be needing any 2 of them to sign transactions and send sats to a bitcoin address.
3-of-5 vault: This is also a standard multisig wallet. The difference is in the number of keys that you would be setting up to access it. You are suggested to set up this wallet when you want to store bitcoin over a long period of time without accessing them frequently.
Collaborative Wallet: Setup this wallet when you want a number of people to have access to the same wallet.
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