What is a term deposit and how does it work?

  What is a term deposit and how does it work? Term deposits offer certainty of return, with a fixed interest rate for a given length of time. Here’s how they work and how they compare with other ways to save. Term deposits are a type of savings account where you commit your money for a fixed period of time. They can be useful when you’re looking for certainty about what interest rate your money will earn. …