Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
38% - Moderately

Term Deposit

Synonyms:extent of time, length of action, period, predefined duration, timed deposit
Acronyms &
Filed Under: financial-banking, investments
Tags: banking, investment

Definition of term deposit (TD)

term deposit (TD)
1. An investment product where a fixed sum of money is deposited into an account for a set period of time with interest paid over the term.

Related Terms and Acronyms:

  • guaranteed investment certificate (GIC)   An investment that pays a set rate of interest over a fixed period of time.
  • money market account (MMA)   A bank account that restricts the type and number of withdrawals. The account also earns interest similar to money market funds.
  • term   The length of time you commit to repay a lender or bank at an agreed upon interest rate and payment schedule. The interest rate usually remains constant during this term unless the commitment states otherwise. For example, a five year fixed rate mortgage has a term of five years.

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