Fixed Deposit
- ‘Monthly interest’ , is (NACD), ‘Nominal annual compounded daily’ interest rate.
- ‘Annual effective’, is a measure of total annual return, considering the effect of compounding interest.
- ‘Interest at maturity’, or ‘effective rate on maturity’ is a measure of total return at end of deposit term, considering the effect of compounding interest.
It’s easy.
Once your fixed investment term has matured, your capital investment plus the interest you’ve earned will be automatically added to your TymeBank EveryDay account.
There is no minimum investment.
Interest will accrue and compound daily and will be paid at end of the term (on maturity) together with initial investment into your EveryDay transactional account.
There are no risks to you, capital investment is guaranteed.
Interest is fully taxable and you will be responsible for any tax on interest earned and accrued. The annual tax certificate (IT3B) that we provide serves to report the amount of interest actually paid and/or accrued to customers.
No, The capital investment and interest will be transferred to your EveryDay transactional account.
The capital investment and interest earned will be transferred to your EveryDay transactional account.
No, partial withdrawal is allowed.
You are not entitled to end your investment before the end of the term. If, in our sole discretion and having regard to your to your circ*mstances, we allow you to end your investment early we will charge a fee of 1% of the investment and interest earned to date (pay-out). The fee can be more than the interest earned on the investment.
You cannot transact on this account by withdrawing, depositing or transferring funds during the term of your investment.
There are no fees.
The investment amount should be transferred from your Everyday transactional account to the Fixed Deposit account on TymeBank App. Therefore if the funds are sourced from another bank, you should first transfer the funds from the other Bank to your Everyday account.
No, you cannot add further funds to your term investment.
You can select a term of three (3) months, six (6) months or twelve (12) months.
