FAQ > Saving

What is a term deposit?

A term deposit, also known as time deposit, fixed term deposit, fixed-rate savings account or fixed-rate bond, is an investment bank product which allows a one-time investment of a fixed sum. The sum is for a fixed term and at a fixed interest rate which are determined at the beginning of the term deposit’s life cycle. Term deposits are commonly treated as the safest investment instruments available on the market because they are offered by strictly regulated financial institutions, such as banks, and are typically covered by national deposit guarantee schemes.

In which currencies can I save in?

At present you can save in EUR, USD, GBP, PLN, CNH and JPY.

What is the minimum deposit amount?

The minimum amount needed to open a term deposit with us is 10 EUR/USD/GBP/PLN.

What happens when a term deposit matures?

When a term deposit matures, you can either withdraw your capital with the interest you have earned, or you can open new a term deposit with us.

How is interest calculated and paid?

Interest on your term deposit is calculated daily and starts the first day after you confirm the opening of a new term deposit.

How is interest income taxed?

The income earned at Deposit Planet is taxed for each saver based on the legislation of the respective country where the saver is a tax resident.

Which laws govern my term deposit contract?

Term deposit contracts are governed by the local laws of the respective country in which the bank is based.