GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
^
38% - Moderately

Time Deposit


Synonyms:length of time, timed account
Filed Under: financial-banking
Tags: banking
 

Definition of time deposit

time deposit
1. 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.

Related Terms and Acronyms:

  • annuity   A financial instrument that disperses a number of payments over a set period of time.
  • call deposit account   A bank account that combines some features from both savings and checking accounts.
  • chequing account   A bank account that allows quick access to the money in the account.
  • combination account   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   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   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   A financial account that pays interest with low risk.

Search the Glossary

Brand New Mortgage Calculator
Use our new mortgage calculator and strike a balance between maximizing your payment schedule and leaving yourself enough breathing room to live comfortably. By simply changing your mortgage amount, amortization period, interest rate, or payment frequency you can determine the best mortgage for your unique situation.
New Mortgage Calculator
 
Compare Mortgage Rates Here
Interested in viewing current mortgage rates? Compare rates from all the best lenders in Canada using our mortgage rate comparison chart and find the lowest one.
Mortgage Rate Comparison
 
Best Residential Mortgage Rates
With our low residential mortgage rates, even the best home on your list is easily within your budget. Pay less in interest and increase your principal price range. Apply now!
Best Rates