Fixed term deposit comparison: Securing

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With fixed-term deposits, you create a desired amount of money for a fixed term at a constant interest rate on a fixed-term deposit account. One of the advantages of fixed-term deposits is that you can choose the right term yourself – from a few weeks to several years. Most banks also pay higher fixed-term deposit interest rates for longer maturities.

You can invest fixed-term deposits at banks as well as at financial institutions in other countries. In the CheckNow fixed-term deposit comparison you will find the best fixed-term deposit interest rates of numerous well-known institutions.

In addition, the fixed-term deposit comparison provides you with the most important information on the security of fixed-term deposits – for example, on deposit insurance in the respective country in which the bank is based.

With the free CheckNow investment account, you can easily create fixed-term deposits. You can also manage several fixed-term deposit accounts at different banks clearly in one place and secure an attractive bonus.

What is fixed-term deposit?

As the name suggests, fixed-term deposits are a fixed investment with deposit insurance. In contrast to call money, with a fixed-term deposit account you only have access to your savings after the agreed term. For this purpose, the bank guarantees you a constant fixed-term deposit interest rate during this period of account management.

For whom is fixed-term deposit suitable?

Time deposits – also known as term deposits – are suitable for you if you have savings that you can do without for a long time. If you are only planning a major purchase in a few months or years, attractive interest rates can be achieved on a fixed-term deposit account until then. With multi-year fixed-term deposits, you also often benefit from the compound interest effect.

4 tips for the fixed-term deposit comparison

Tip 1: Suitable runtime

For fixed-term deposits, maturities of one month to ten years are common. As a rule, the longer the term, the better the interest rates. Nevertheless, a long term is not the right one for everyone. Because you should only invest your savings in fixed deposits as long as you do not need them. If, on the other hand, you have to terminate your fixed-term deposit prematurely – which is not provided for and is only possible in a few special cases – banks charge high fees for lost income and the costs incurred. For investments with a maturity of several years, interest rates also improve only slightly. Therefore, it can be worthwhile, especially with a comparatively low interest rate level, to hope for rising interest rates in the future and to choose the investment strategy of the so-called “interest rate staircase” – so they remain flexible.

Tip 2: Invest in your home country

You can invest fixed-term deposits not only with banks in Rwanda, but also with banks abroad. Banks in other European countries often offer better interest rates without incurring additional fees, for example for account management.
Within the European Union, the security of the money saved is guaranteed at a comparable
level. You should pay attention to the country’s creditworthiness and the EU-wide harmonized deposit insurance.

This protects savings deposits of up to 100,000 euros per customer and bank.

Tip 3: Interest distribution & compound interest

When choosing your time deposit, pay attention to how the bank pays out the interest. In the long term, it is better for you if this is done accumulating, i.e. if the interest income is attributed to your fixed-term deposit account and thus increases your investment amount. As a result, you benefit from the compound interest effect: You not only get interest on your investment amount, but also interest on your interest. If the bank distributes your interest to you annually and transfers it to your reference account, you can look forward to a few euros. However, your investment itself loses purchasing power, i.e. value, because of inflation because it does not grow without interest credits.

Tip 4: Take a look at the offer details

In the further product information within the offer from the comparison you will find important information about

Term & interest income,
Rotation & receipt of the interest credit,
Minimum investment & maximum investment,
Taxation & other special features as well,

whether the fixed-term deposit account is automatically renewed.
So you can make the best decision for yourself and your assets.

What are the advantages of fixed-term deposits?

If you deposit your capital in a fixed-term deposit account, you have absolute planning securityfor the entire term of the plant. Unlike shares, for example, your return on fixed-term deposits is not subject to unpredictable fluctuations, as you will receive interest on your fixed-term deposit in exactly the amount you have previously concluded.

The biggest advantages of fixed-term deposits are:

Guaranteed fixed-term deposit interest
Fixed term of the fixed-term deposit account
100% deposit insurance
Fixed-term deposit account is free of charge

So if you don’t needthe money for a longer period of time, time deposit is a safe investment option for you with a predetermined, safe return at closing, as the answers to the following questions show:

Loan Credit Rwanda Kigali

Fix-term Investments with CheckNow in 3 Steps

1. Find the best fixed-term deposit interest rates in a fixed-term deposit comparison

Before you start the fixed-term deposit comparison with CheckNow, enter your intended investment amount in euros and the desired term. You can further narrow down the list of time deposits that meet your criteria with filters. For example, you can only display fixed deposits from countries with strong credit ratings or sort the offers according to the best fixed-term deposit rate.

2. Open a fixed-term deposit account with Video- or Postident

If you have decided on a fixed-term deposit account with the label “CheckNow investment account” after comparing the offers, you can open it directly via CheckNow in the next step. After clicking on the offer, all you have to do is fill out the required information in the online form. You can then prove your identity to the bank by video or post.

3. Deposit a fixed-term deposit into your fixed-term deposit account

For your deposit into the newly opened fixed-term deposit account, there is often a deadline specified by the bank for fixed deposits, by which the deposit must be received. As a rule, the term of your fixed-term deposit then starts a few days after the deposit deadline on the next investment date. There are usually two weeks between two investment dates.

Frequently asked questions about fixed-term deposits

Where are the best interest rates for fixed-term deposits?

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Will my fixed-term deposit account be extended automatically?

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What are the alternatives to fixed-term deposits?

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Can I subsequently change the fixed-term deposit conditions?

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When will I receive the fixed-term deposit interest?

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How much money can I invest in a fixed-term deposit account?

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Who is allowed to open a fixed-term deposit account?

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The most important decision criteria: you should pay attention to this when choosing the current

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Current account with premium: How to get an account with bonus

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Justus Rifite
Teamlead Operations

Frank has been working for CheckNow since 2020 and writes about everything related to finance. Prior to that, he worked as a journalist and editor for many years on various consumer and news topics.

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Dictionary

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Frequently asked questions

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Current

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