What is a term deposit?
A term deposit locks your money with a bank for a fixed time at a fixed interest rate.
Rates are known upfront, and breaking the term early usually costs interest. Ordinary term deposit interest is taxed at your resident withholding tax rate, while PIE term deposits are taxed at your PIR, capped at 28%.
In Fireball
Term deposits at most major banks come through to Fireball with your other bank accounts.
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