Speed:

Speed is the rate at which an object covers a distance. Speed is a scalar quantity. It has no direction .

Velocity:

Velocity may be defined as the rate of change of displacement.

Or

It can be also defined as : “ rate of change of position of an object.”

Velocity is a vector quantity. It has direction.

For example : If an object moving with a speed of 65 km / hr towards East direction. Then we say its speed is 65 km/hr East.