WHEN YOU SHOULD CONSIDER A TIME DEPOSIT

Also called “term deposit,” a time deposit depositing money that cannot be withdrawn for a certain period (with Maybank’s iSAVvy, there is a choice of 3, 6, 12, 24 or 36 months tenure). Only when the term has passed can the money be withdrawed, while there is also the option of renewal once he account has matured. Time deposits are great when you are saving up for a specific purchase for a specific period, say an enrolment fee or a trip for a holiday. It allows you to save the money without having the temptation to touch it (unless you are willing to pay the penalty!). 

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