Timo Term Deposit is basically a savings account with a fixed term, to make your idle funds grow by earning interest in an efficient manner. It helps you easily create and track your savings right in the app with terms of saving ranging from 1 – 18 months. Interest rates are competitive and regularly updated in the app. In addition, Timo will offer you the option to split your Term Deposits into many smaller ones so even when you withdraw 1, you continue earning interest on the remaining Term Deposits.
Timo offers 2 types of Term Deposits: rollover and fixed-term (non-rollover).
- With Term Deposit fixed term, your term deposit and interest will be redeemed at the end of your term. The money will be credited into your Spend Account.
- With Term Deposit rollover, your money (deposit and interest) will be automatically renewed for another term.