This deposit is great for:
Some members like to keep a portion of their emergency fund in this term deposit while keeping the rest in a high-interest savings account. Cashable term deposit usually has a higher interest than a savings account (promotional periods aside) and can be cashed after lockout.
How it works:
Deposit your money for one year with either a 30 or 90-day lockout and earn interest. After the lockout period, you can withdraw money as you need while still receiving interest for the time the money was invested.
Continue to earn interest as long as there’s $500 in the account. You can withdraw from your term deposit over the phone, at a branch or through secured messaging.
Before the lockout period ends, you can withdraw your deposit in full only but you won't earn interest.
The term deposit will automatically renew at maturity unless specified otherwise.
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