A term deposit is an account where you lock your funds away for a specified time and receive a fixed rate of interest for that time.
You can choose what term you want, ranging from 30 days out to 5 years. The rate you receive remains unchanged for the entire term, hence it is called a fixed rate.
As a result, a term deposit provides certainty as to the rate you will receive for the duration of the term deposit.
You can access your funds prior to maturity but there will be costs associated with doing so. These costs vary with different banks. We will advise you of what the cost will be prior to any early redemption.
If you do want to redeem your term deposit prior to maturity you will have to wait 30 days before you can access your funds, except in extreme cases, such as severe financial hardship.
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