|What are the requirements to open a Term Deposit?
|The documents you would need to open a Term Deposit account are as follows:
1) Valid Social Security Card or passport
2) Proof of Address – This can be in the form of a valid driver’s license, employment verification letter that states your permanent address, utility bill in your name and not older than 3-months from the date you wish to open your account.
Note: If the bill is not in your name, the utility bill holder will be required to complete a proof of occupancy form that the bank provides along with a copy of his/her ID card. Download form here.
3) Minimum deposit is BZ$5,000.00 for term deposits up to 1 year or $200,000 for term deposits exceeding 1 year.
|When my Term Deposit Matures, what Interest Payment Options are available?
|You may be able to select whether the interest is semi-annually, annually, or at the end of the term when the term deposit matures. You may also be able to extend the term for up to 5 years.
|What is the interest rate paid on Term Deposits?
The interest you will earn on term deposits is dependent on the term you wish to select. Below are the current interest rates which are subject to change:
6 months: 0.35%
|Is there an Early Redemption Rate or Penalty in the event I choose to close my Term Deposit before Maturity?
|You can lose all or part of the interest you would have otherwise accrued on the amount if you make a full or partial withdrawal.
|What are the feature and benefits of a Term Deposit?
|With a Term Deposit, you can enjoy the following benefits/features that we offer:;
a) High, flexible interest rates
b) Risk free way to make money
c) Guaranteed returns
d) Interest is paid upon maturity of deposit
e) Automatic deposit renewals available
f) Method of interest payment is determined by you (i.e. deposit to savings/chequing account, interest rollover, etc.)
g) Certificate of Records defining terms and conditions agreed upon
h) If for any reason you miss your maturity date, we will automatically compound your interest and renew the deposit under the same terms and conditions as the original agreement