Whats the difference between a redeemable and non-redeemable term deposit?
Redeemable term deposits give you full access to your money at any time. They guarantee a level of interest for the length of the term slightly lower than the non-redeemable rate. In exchange, you are able to cash in the term before maturity at a discounted rate. Non-redeemable term deposits are locked for the duration of the term, but offer a higher rate of return. Non-redeemable term deposits provide the highest level of interest among NSCU’s term options. Interest can be paid annually, semi-annually, or monthly with rates adjusted accordingly.
