An exclusive savings plan with a high interest rate to help you save with a goal in mind. Our Savings Madness term deposit has a rate of 5 compounding on each payment into the Savings Madness Term.
How does it work?
If you want to save your money for a vacation, down payment, or special purchase, for example, and want to have the cash in a specified time frame, we break down the total you need into payments over tha time period, and set up an automatic transfer from your account into the term on a schedule that works with you!
For example, John needs to save for a 5% down payment on a home. He needs $10,000 over the course of two years to make his down payment.
He wishes to make payments bi-weekly, on the same day he gets paid from his employer. So over 2 years, 52 weeks of payments (bi-weekly), he needs to make a deposit into his term of $193.00 every two weeks to save $10,000 for his down-payment.