BENEFITS OF TERM DEPOSIT ACCOUNT

• The idea of locking away your money at first might seem a little unattractive, but there are a number of good reasons for doing it.
• The very reason which makes a term deposit appear so unattractive is the very reason which makes it useful - your money is locked away, safe from any temptation.
• When you open a term deposit account, the interest rate is largely determined by the length of time you agree to leave you money in there. Generally, the longer the term the higher the interest rate.
• There are usually no account keeping fees. As you cannot put money in or take money out of the account, there are also no transaction fees.
• You can arrange to have your term deposit roll over to another term deposit automatically, avoiding any hassles of having to withdraw your money and then reinvest it.
• You choose the term you want.
• Because your rate will be fixed for whatever term you decide to fix it for, if interest rates in the market go down, your rate won't budge.
• On the downside, if you need your money for whatever reason before the term is finished you will be penalised for withdrawing it. 
• Be warned though, some term deposits offer a portion of the deposited amount at call but tend to offer lower interest rates than standard term deposits.