A term deposit account fixes your interest rate for a set amount of time, usually between 3 months to 5 years. During this period, interest will be paid on your account balance, but you will not have access to your money until the end of the term.
It is important to note that most financial institutions require a minimum deposit, and term deposit rates are usually tiered. The more money you invest and the longer the period, the better the interest rate you are likely to receive. Consider the fees involved, especially the penalty fee, if you decide to break your term deposit account earlier than expected.
Compare some of the term deposit rates below.