Why term deposits

Why open a term deposit? See our term deposits. Learn more about our savings accounts. You can: reinvest your current balance for another term withdraw or add some funds, then reinvest transfer your balance to another account and close your term deposit.

Here are some things to think about. Internet Banking. Home Personal Banking Solutions, products and services for personal banking. International money transfers. Find Out More. New products and promotions. Corporate Cards. Corporate finance advisory.

This information does not take into account your personal circumstances and is general in nature. It is intended as an overview only and it should not be considered a comprehensive statement on any matter or relied upon as such.

What is a term deposit? What are the benefits of a term deposit? What about any downsides? What is a savings account? What are the benefits or downsides of a savings account? Most banks let you purchase them online and since they are simple products you don't need an extensive knowledge of investing. You decide how long you want to maintain the deposit. The conditions of a term deposit cannot be changed: as a product with a specific duration, banks cannot change any of the conditions agreed at the time of purchase.

Term deposits are a good option for conservative investors who are reluctant to take risks and who want guarantees for their investments. When purchasing a term deposit, it's important to be clear that you won't need the money for the agreed period because if you withdraw it early, you will have to pay a penalty.

What are the advantages of investment funds compared to deposits?