It’s always important to compare term deposits at this time to ensure you’re still getting a competitive rate. You can nominate what you’d like to do with the funds once the term is up, which can include having it sent to a nominated account, paid to you by cheque or rolled over with Gateway for another term. Plus, Gateway’s online banking platform means you can open and manage your term deposit entirely digitally. Other time frames remain relatively competitive, between 0.70% and 5.25% depending on the term. Of the various terms you can lock away your savings for, the 6 month and 1 year options offer the highest interest return of 5.25%.
The interest earnings can be sent to any of your other accounts (whether they’re with Gateway or not) and there are no set-up or ongoing monthly fees.
Gateway Bank does a great job of this with its term deposit account which allows interest to be paid monthly, 6-monthly, annually or at maturity. While term deposit accounts aren’t as flexible as a savings account when it comes to dipping into funds, there are some banking providers that keep these accounts as flexible as possible.
