LifePlan Investments
Fixed Term Deposits
Plan around an agreed deposit term
A fixed-term deposit may suit savings you can set aside for an agreed period. For people approaching retirement or already retired, its defined interest arrangement and maturity date can help with planning around future spending.
LifePlan Investments helps you understand deposit options available through our service, including the deposit-taking institution, eligibility requirements and the conditions attached to the rate.
How fixed term deposits work
You place money with the institution named in the deposit agreement for a specified term. A fixed rate is agreed for that term, with interest paid according to the contract. Depending on the product, this may be at intervals or at maturity.
Before opening a deposit, check how interest is calculated, whether it compounds, the minimum placement and the rules for withdrawing money. Access before maturity may be unavailable or may carry a penalty.
Compare the complete terms
Annual Equivalent Rate, or AER, expresses interest on an annualised basis and can help you compare deposits with different compounding arrangements. AER is not the cash return for every possible deposit period. Tax and any relevant fees can also change the amount you receive.
We help you look at the rate alongside the term, payment dates and access requirements. It is sensible to keep money needed for emergencies accessible when considering a fixed commitment.
Understand deposit protection
Eligible deposits with an EU-authorised bank are generally protected up to €100,000 per depositor, per credit institution under the relevant national deposit guarantee scheme. The limit applies across eligible accounts with the same institution, including accrued interest within the limit; it is not a separate allowance for each account or brand.
For a joint account, each eligible holder’s share is assessed separately. Two eligible holders may therefore have combined protection of up to €200,000, depending on their shares and other deposits with the same institution. The provider’s depositor information sheet identifies the scheme and terms that apply.
What happens at maturity
The deposit agreement explains how capital and interest are paid and whether any renewal arrangements apply. Review these instructions before the maturity date so the next step reflects your plans.
Deposit eligibility, rates and terms vary by institution and country of residence. Inflation can reduce the purchasing power of the amount returned. Deposit protection is subject to the relevant scheme’s rules.
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