Fixed Term Account

A Fixed Term Account is a type of deposit account where an individual or business deposits a lump sum of money for a predetermined period, known as the "term." In exchange for locking in the funds for this period, the account holder typically receives a higher interest rate than a regular savings account. The term can range from a few months to several years, and the account cannot be accessed before the maturity date without incurring penalties.

• Higher Interest Rates: Fixed term accounts generally offer higher interest rates than regular savings accounts, allowing your money to grow more effectively over time.
• Guaranteed Returns: The interest rate is fixed for the term of the account, ensuring predictable returns regardless of market fluctuations.
• Security: These accounts are often low-risk, as they are typically insured by financial protection schemes, making them a safe option for saving money.