How does the access time of storage compare with the access time of memory? At what speeds do they access items?

The speed of storage devices and memory is defined by access time.
Access time measures
1.) the amount of time it takes a storage device to locate an item on a storage medium.
2.) the time required to deliver an item from memory to the processor.

The access time of storage devices is slow, compared with the access time of memory.
Memory (chips) accesses items in billionths of a second (nanoseconds). Storage devices, by contrast, access items in thousandths of a second (milliseconds) or millionths of a second (microseconds). Instead of, or in addition to, access time, some manufacturers state a storage device’s transfer rate because it affects access time.
Transfer rate is the speed with which data, instructions, and information transfer to and from a device. Transfer rates for storage are stated in KBps (kilobytes per second), MBps (megabytes per second), and GBps (gigabytes per second). Numerous types of storage media and storage devices exist to meet a variety of users’ needs.