Term Deposit Là Gì


Although there are a number of similarities between a term deposit & savings tài khoản there are also important differences.

Knowing how both options work could help you underst& how each could help you at different stages of the savings journey. Here is a brief hufa.edu.vnparison of the main differences of term deposits and savings accounts.Quý khách hàng sẽ xem: Term deposit là gì

What is a term deposit?

With a term deposit, you loông chồng away an amount of money for an agreed length of time (the ‘term’) – that means you can’t access the money until the term is up. In return, you’ll get a guaranteed rate of interest for the term you select, so you’ll know exactly what the return on your money will be.

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What are the benefits of a term deposit?

If you struggle with the temptation to lớn dip inlớn your savings, perhaps the biggest benefit with a term deposit is that your savings are locked away, so you can’t spend your savings on an impulse purchase.

The other major advantage is the certainty of a fixed interest rate. That means not only will you know exactly what the return on your money will be, but also, should interest rates move lower, you’ll still be locked in at the same rate of interest.

What about any downsides?

Of course there is a flipside khổng lồ having your money locked away for the agreed term- should you need to lớn access your money sooner, you’ll likely have sầu lớn pay a penalty fee and in many cases you’ll need lớn give sầu up to 31 days’ notice. Therefore it’s important you’re sure you won’t need to access your money while you have it locked away in a term deposit. As your term deposit hufa.edu.vnes to lớn an kết thúc, it’s also important to lớn consider your options as some term deposits may automatically renew lớn the current rate at that time, which may be higher or lower.

Most term deposits will have a minimum balance deposit required, often between $1,000-$5,000. If you’re just starting lớn save, it could be hard at first to loông xã away that amount of money for a period of time.

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What is a savings account?

As the name suggests, a savings trương mục is a bank account designed for saving. Generally interest is paid on the money in the account while still giving access khổng lồ the savings when needed. Some savings accounts may also pay bonus interest when certain conditions are met, such as growing the trương mục balance by the over of the month. Savings accounts usually have a variable interest rate, so the amount of interest payable is likely khổng lồ fluctuate over time.

What are the benefits (or downsides) of a savings account?

Perhaps the biggest benefit of selecting a savings account over a term deposit is being able to lớn access your savings should you need lớn, while still earning interest. The flipside of course is having ready access to your money may leave sầu the temptation to lớn dip inlớn your savings.

You can also add lớn your savings tài khoản whenever you like – either on a regular basis or when you have extra money to put in it. With a term deposit on the other h&, once you’ve made the initial deposit you won’t be able to lớn add any more to lớn the balance until the agreed term has ended. Also, unlike a term deposit, a savings trương mục doesn’t require a minimum balance.

Some savings accounts also require a linked everyday tài khoản khổng lồ access your savings. In some circumstances a service fee may be charged on the everyday account.

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Savings accounts generally have sầu a variable interest rate and depending on market conditions, the rate could go either higher or lower. This will impact the amount of interest you can earn on the money in your tài khoản.