How does a Fixed Term Deposit Account work?

Term deposits are a type of savings account. Your money is invested for an agreed period of time (usually 3, 6, or 12 months) and you receive a fixed interest rate over that time. The key difference between a term deposit and a savings account is that you cannot access your money during the agreed term. For our Bankinter Fixed Term Deposit Account we allow 1 withdrawal with up to 25% access, after the initial 8 weeks of the term.