Definition
Fixed-term savings commits eligible money for a defined period under stated interest, maturity, access, early-withdrawal conditions, and applicable repayment terms.
In market context
A fixed rate can determine interest at opening, while a variable product may permit later rate changes under its terms. Funds are generally less accessible than in an on-demand balance, and early withdrawal may be unavailable or subject to a penalty. Users should distinguish contractual interest from investment returns, confirm who owes the repayment, and understand whether any deposit-protection scheme applies.
Risk context
A fixed term can create a liquidity shortfall if funds are needed before maturity and early access is restricted.
Source
Use the primary source for fuller regulatory or market context.