Term deposit
A stress-free way to increase savings
It takes just a few minutes to complete the application
- Saldo Bank term deposits
- The deposit term can vary from 6 months up to 60 months
- The minimum deposit amount is 1,000 EUR
How much can you earn?
Deposit in
5 min
Contract fee
€0
Right of cancellation
14 days
Interest rate up to
3,40 %
Term deposit - what it is?
A term deposit is the process of keeping a specific amount of money in a financial institution for an agreed period of time. The institution pays interest for the time they hold the money. The amount of interest and the payout frequency are determined on the day of signing the deposit contract. Remember that term deposits cannot be terminated until the agreed period of time passes, and no interest will be paid upon early termination.
A term deposit is one of the most reliable ways to generate passive income and to get your money that you set aside for saving working for you. Since the interest rate is agreed in advance, any financial institution is committed to it for the agreed period. This way, your money doesn’t lose value due to inflation or other market changes.
Saldo Bank term deposits have many advantages
Fast registration
Our registration system is extremely fast: you can create an account to open a term deposit at any time of the day.
High interest rates
Saldo Bank provides fixed term deposit interest rates. We offer 3,40% interest rate for 12 months.
No hidden costs
Opening a Saldo Bank term deposit account is completely free - no monthly or annual fees, even if you're not a client yet.
Right of cancellation
You can change your mind and cancel the term deposit within 14 days of signing the contract at no cost.
Insured
Your term deposits are insured by the SE Deposit and Investment Insurance. The total amount of insurance for all your deposits combined is up to €100 000, irrespective of the number of deposits you have. It's important to note that even if you have multiple deposits with Saldo Bank, the total insured amount will not exceed €100 000 as stipulated by the guarantee system.
Fast process
- 1
Create a deposit account
The application is completely automated and online, so you can open a term deposit account directly from our website. The application is open for everyone, even if you are not yet a Saldo customer.
- 2
Verify your identity and sign the deposit agreement
You will be required to verify your identity to ensure a safe process. When you have completed the identification successfully, you can sign the deposit agreement and accept the terms and conditions provided. The deposit agreement specifies the amount, term and interest rate for the term deposit.
- 3
Deposit the money within 10 days
After signing the term deposit agreement, you will have 10 days to transfer the deposit amount to the provided bank account. If the money is not transferred within 10 days, the deposit agreement will be automatically terminated. You can make the transfer from your chosen bank account. Cash deposits are not possible.
- 4
You deposit account has been activated
Your deposit account has now been successfully activated and your investment is growing. The accrued interest and the initial deposit are paid on the last day of the deposit term to your chosen bank account. On the due date you will also have the possibility to start another equally long term deposit period with the same initial deposit but with the updated interest rate for that set date.
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Term deposit and its conditions
| The term deposit sum can be between €1,000 - €100,000 |
| The maximum amount that you can keep in Saldo Bank term deposit accounts is €200,000 |
| The deposit term can vary from 6 months up to 60 months |
| Accrued interest and the initial deposit is paid on the following bank date of the due date of the deposit. |
| Saldo Bank term deposits are accepted in Euros |
| In some cases, we may ask for additional documents to open a term deposit account |
Interest rate returns
In the table you can find and compare term deposit returns which depend on the deposit amount and period.
| 6-8 months | 9-11 months | 12-17 months | 18-23 months | 24-35 months | 36-60 months |
|---|---|---|---|---|---|
| 3.30 % | 3.40 % | 3.40 % | 3.40 % | 3.40 % | 3.30 % |
| €5,000 | €10,000 | €15,000 | |
|---|---|---|---|
| 6 months | €82.50 | €165 | €247.50 |
| 9 months | €127.50 | €255 | €382.50 |
| 12 months | €170 | €340 | €510 |
| 18 months | €255 | €510 | €765 |
| 24 months | €340 | €680 | €1020 |
Have a question? We answered most of them already.
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Contact usTerm deposit - what is it?
Term deposit - what is it?
Term deposit is a financial tool that allows you to keep a specific amount of money in a bank or other financial institution for an agreed period of time, for which the bank or other financial institution pays interest.
This is one of the most stable ways to get passive income and get your money working for you. With term deposits, your money won’t lose so much value due to inflation or other market changes. Irrevocable term deposit can only be cancelled and taken out before term under special circumstances.
What is the difference between a term deposit and a savings account?
What is the difference between a term deposit and a savings account?
A big difference between a term deposit account and a savings account is the fixed term and a fixed interest rate.
A fixed interest rate means that you are guaranteed a specific return on your savings at the end of your deposit and the interest rate will not fluctuate. For savings accounts the interest rates are not fixed and can fluctuate based on the market.
Term deposits also offer higher interest rates in general than savings accounts, since you commit to keep your money on the account for a longer period.
Are my term deposits insured?
Are my term deposits insured?
Yes, all term deposits up to €100,000 per person are insured. Note that the limit is per person and not per term deposit agreement.
What are the possible terms of a term deposit?
What are the possible terms of a term deposit?
The shortest term of the term deposit is 6 months, the longest is 60 months.
What is the minimum and maximum amount I can put into the term deposit?
What is the minimum and maximum amount I can put into the term deposit?
The minimum term deposit amount is 1,000 EUR and the maximum is 100,000 EUR.
Is it possible to make a cash deposit?
Is it possible to make a cash deposit?
A bank transfer is required to make a deposit at Saldo Bank. Cash deposit is not possible.
Is it necessary to open an account in order to make a term deposit at Saldo Bank?
Is it necessary to open an account in order to make a term deposit at Saldo Bank?
You only need to fill out the application, identify yourself and sign the contract remotely on our website. The process of signing the contract is completely remote.
Can I cancel the term deposit before the set term ends?
Can I cancel the term deposit before the set term ends?
A fixed-term deposit cannot be withdrawn before the agreed maturity date of the deposit.
When is the accrued interest paid?
When is the accrued interest paid?
Accrued interest and the initial deposit are paid on the following bank date of the due date of the deposit.
Can I extend my term deposit?
Can I extend my term deposit?
No, the term deposit cannot be extended but it can be renewed for the same term but with the updated interest rate for that specific day.
Where can I find the information about my term deposit?
Where can I find the information about my term deposit?
After you enter into a term deposit agreement, all information about your deposit, including accrued interest and contracts, will be available on our internet bank.
Do I need to visit the bank to open a term deposit account?
Do I need to visit the bank to open a term deposit account?
The process of entering into the contract is completely remote. You can fill out the application, identify yourself and sign the contract remotely on our website www.saldo.com.
What is the interest rate for a 12 month term deposit?
What is the interest rate for a 12 month term deposit?
The current interest rate for a 12 month term deposit is 3.40%, but interest rates are subject to change.
How can I transfer money to my term deposit account?
How can I transfer money to my term deposit account?
After signing the term deposit agreement, you will have 10 days to transfer the deposit amount to the provided bank account.
What happens when my deposit expires?
What happens when my deposit expires?
When your deposit expires, the accrued interest and the initial deposit are transferred to your account. If the due date is a holiday, the transfer will be made the following bank day.
