If you have saved some money and you do not want to be tempted to spend it, a term deposit could be the best for you and the bonus is earning higher interest.
A minimum balance is usually required, so it can be a good idea to first use a savings account and then move the money into a term deposit once you have reached your target.
Your money is then 'locked away' for a fixed length of time or 'term'. Most terms are anywhere from 90 days to five years. Interest is earned at a 'fixed' rate that is the rate of interest does not change over the term.
For Applicable Charges visit Schedule of Charges