- A type of account where deposits are made for a specified length of time (until maturity) at which time the account reverts to another type of account or is "rolled over" for another fixed period of time.
timed account, length of time
Related Terms and Acronyms
- Annuity — Definition,
- A regular periodic payment made by an insurance company to a policyholder for a specified period of time.
- A financial instrument that disperses a number of payments over a set period of time.
- Call Deposit Account — Definition,
- A bank account that combines some features from both savings and checking accounts.
- Chequing Account — Definition,
- A bank account that allows quick access to the money in the account.
- Combination Account — Definition,
- An account that is part savings and part chequing. You may write cheques and you will be paid interest if you have enough money in the account.
- Early Withdrawal Penalty — Definition,
- A depositor forfeits interest or is charged a service fee for either withdrawing funds or closing a time deposit before the maturity date.
- Level Payment — Definition,
- A method of repayment where periodical payments of principal and interest are made in a certain way so the payment amount remains constant.
- Savings Account — Definition,
- A financial account that pays interest with low risk.