Savings products can be used by resident or non-resident individuals: adults or older minors are sole account holders, while a legal representative or guardian, respectively, is required for minors or wards acting as account holders.
Types of savings:
- sight deposit (a vista savings) – general purpose and with no fixed term
- term deposit – savings on a fixed term
- annuity savings – fixed term deposit with contracted interest payment periods during the deposit term
Interest on sight deposits accrues at year-end, while interest on fixed term deposits accrues after the expiry of the deposit term. Annuity savings enable interest accrual before the expiry of the deposit term (monthly, quarterly, semi-annually, annually).
Savings products can be used by resident or non-resident individuals: adults or older minors are sole account holders, while a legal representative or guardian, respectively, is required for minors or wards acting as account holders.
Types of savings:
- sight deposit (a vista savings) – general purpose and with no fixed term
- term deposit – savings on a fixed term
- annuity savings – fixed term deposit with contracted interest payment periods during the deposit term
Interest on sight deposits accrues at year-end, while interest on fixed term deposits accrues after the expiry of the deposit term. Annuity savings enable interest accrual before the expiry of the deposit term (monthly, quarterly, semi-annually, annually).