What is a fixed deposit?
A fixed deposit is a savings account held in a financial institution for a set amount of time, with the understanding that the customer can only withdraw from the sum after giving advanced warning and that interest will be lost in that case.
Who offers them?
Fixed Deposits are offered by most financial institutions including banks, credit unions or money market brokers.
Who can utilise a fixed deposit account?
Anybody who is saving towards a medium to long term goal should make use of the fixed deposit facility. It allows for ease of saving and meeting of a particular goal.
What are the current fixed deposit rates?
COK Credit Union offers a fixed deposit account which pays 14 per cent per annum.
The average rates are as follows:
30 days - 14.85 per cent
60 days - 15.00 per cent
270 days - 17.25 per cent
365 days - 18.50 per cent.
