There can be a lot of info on your term deposit statement, so we've created a simple guide to help you get the most out of it. Let's check it out.
A: The deposit amount is the amount you’ve invested.
B: The interest rate shown is based on the available rate on the day the letter was issued, and it could change at any time.
C: The interest payment method is the instructions for what will happen to the interest earned at the end of your term.
D: The opening balance is your initial deposit. Keep in mind that after the term has started, additional payments won’t earn interest.
E: The balance can be a combination of your deposits and any interest earned (that’s if you’ve opted for interest to be paid into the account).
F: The credit interest earned at the end of the term.
