Term deposits

Offer your customers returns on their deposits based on a fixed interest rate.

Term deposits, also called time deposits or certificates of deposits (CDs), allow your customers to place a specified amount of funds into an account for a determined period of time at a fixed interest rate for a guaranteed return. They offer a reliable mode of return for account holders.

Accounts that work for your customers

Episode Six allows you to offer term deposits as sub-accounts of interest-bearing deposit accounts.

Your customers can deposit or invest in a term deposit account, agreeing not to withdraw their funds for a fixed period in return for a higher rate of interest than their interest-bearing deposit account or other typical savings account offerings. You can set higher interest rates for longer term deposit lengths to encourage customers to keep their money in their accounts longer.

Term deposits any way you want them

You can set up any interest rate for the term deposit, and manage the pricing table. Offer tiered interest rates for varying deposit amounts and lengths of term.

When the term deposit matures at the close of the term, you can allow customers to choose between:

Returning the funds to their interest-bearing account

Reinvesting the principle and accrued interest at the same or new rate

Withdrawing only interest gained and reinvesting the principle at the same or new rate

A customized option

Episode Six offers term deposits as part of a suite of dynamic products.

Easily attach term deposits to our card processing, revolving credit and installments products. Our API-first, cloud agnostic platform is built to flex with you, and suit your needs at any stage and scale. It's easy to customize term deposits, and attach interest bearing-deposits to your existing account offerings.

FAQs

Can I determine different interest rates for varying deposit terms?

Yes. You can set any interest rate you choose and manage your own pricing table. You can also offer tiered rates based on deposit amounts and term lengths.

What options do customers have when the term deposit matures?

You have the ability to offer customers any combination of options when the term deposit matures. They can return the principal and interest to their interest-bearing account, reinvest the principal and interest at the same or a new rate, or withdraw only the interest and reinvest the principal for another term.

What if a customer cancels their term deposit and wishes to remove the funds from the account?

Cancelled term deposits will not automatically receive any accrued interest. You can decide to manually credit some or all of the interest to the customer's account.

Can I add term deposits to the other Episode Six financial products my FI offers?

Absolutely. Episode Six allows you to easily attach term deposits to our other products.