“Deposit account” is a bit of an umbrella term, but the original definition of a deposit account is any kind of bank account where you can deposit and withdraw money. This can include both current accounts and savings accounts, but the term is most often associated with savings accounts.
Easy access or overnight savings accounts offer savers quick access to their money.
With a fixed term deposit account, savers deposit a lump sum into an account for a fixed term at a fixed interest rate – all of which are determined at the beginning.
Banks will often offer a higher interest rate for a fixed term deposit than for an easy access savings account. So if you have a nest egg you can afford to stash away for a couple of years, you can expect a higher rate. Generally speaking, the longer the duration, the higher the rate. This is because banks know they are guaranteed to have your money for a set period of time.
While the interest rates for easy access accounts are variable, our fixed term deposit accounts guarantee you a fixed interest rate for the entire duration. Right from the outset, you know what return you can expect one, two, or even ten years down the line.