Term deposits pay interest in a number of ways: annually, semi-annually, quarterly, monthly, or at maturity (the end of the term). You may want to consider the frequency that you’ll be paid interest on your term deposit. You will usually find that longer terms often come with higher interest rates than shorter terms, but always check with your bank to see what is offered by them. ![]() Short-term deposits can be 1-3 months long, while long-term deposits can last many years. There are generally two categories of term deposits: short-term and long-term deposits. It is also important to consider the length of time (the term) that your funds will be locked and unavailable to you.
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