If you’re interested in locking in an interest rate for a set period of time, a time deposit account may be right for you. This type of account offers a fixed rate of interest for a term of your choice with rates that may be higher than what is offered on savings accounts.
- $500 account opening minimum (minimum may be higher for some specials)
- Automatically renews after your term matures
- May be used as collateral for a consumer loan (subject to credit approval)