Term deposit
What rate do I get?
3,00 % p.a. for 3 months
2,70 % p.a. for 6 months
2,30 % p.a. for 12 months
FAQs
How does a term deposit differ from a regular savings account?
As the name suggests, you set a term (period) for the deposit, during which you are guaranteed a specific interest rate. The interest rate on a savings account may change (rise, fall) depending on market developments.
How exactly does a term deposit work?
You deposit the money once for a pre-determined period and have the option to withdraw the interest earned or keep it in the term deposit to increase the interest-bearing amount for the next period. When you arrange the term deposit, you determine the method for the payment of interest and all the other details of the term deposit (such as deposit payout, automatic renewal, term and deposit amount).
Will you send me my money back at the end of the agreed period?
You have two options: withdraw your deposit with interest or continue. This renewal of the term deposit will accrue interest at the current rate on the first day of the next contracted period.
Do I have to keep track of the end date of my term deposit?
It's up to you. You can have the entire amount saved sent to your current account or withdraw it in cash. But suppose you want to put the deposit out of your mind. In that case, you can set up an automatic deposit renewal right when you arrange it. Then, everything will continue to run smoothly – only perhaps with a different interest rate (the one valid on the first day of the following agreed period).
What if I realise I really need the money?
Term deposit doesn't mean that the money is under lock and key – you can withdraw it at any time; it will just cost you a fee of 1% of the amount withdrawn (minimum CZK 50). You will not lose the interest earned by early withdrawal.