Time deposits means a form of savings suitable for consumers with a certain amount of cash that they consider they will not need for a while. By negotiating a time deposit we undertake to deposit a certain amount of funds to a savings account for a defined period of time (deposit threshold is usually defined in advance) at a certain interest rate. After maturing, the time deposit is paid out, increased by interest. Before negotiating this form of savings, make sure to obtain information on any fees and costs and the procedure and the use of interest rate in case of an early termination of the time deposit (withdrawal of funds before maturity). In the case of annuity savings, unlike standard time savings, the interest earned is paid, mostly periodically, throughout the duration of the time deposit (monthly, quarterly, semi-annually, etc.).
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