Excuse my ignorance but I've been looking at the 2 best buy threads for:
Term Deposits (Fixed Lump Sum Savings)
Lump Sum Deposits (Variable Rate Savings)
My (probably wrong!) understanding is:
Term Deposits (Fixed Lump Sum Savings): You put a lump sum into account for a certain period of time. You CAN'T add to this lump sum, it's simply depositing a lump sum and getting interest at end of year?
Lump Sum Deposits (Variable Rate Savings): You put in a lump sum into account for a certain period of time. You CAN add to this over the period of account.
OR is the keyword "Deposit" in both accounts : ie: I can't save anymore than the initial Deposit in either account, the only difference between them is a standard rate of interest in one and a variable rate of interest in another?
If someone could clear my head about this, in really simple terms, I'd appreciate it, I've a real mental block when it comes to these Deposit accounts!
Term Deposits (Fixed Lump Sum Savings)
Lump Sum Deposits (Variable Rate Savings)
My (probably wrong!) understanding is:
Term Deposits (Fixed Lump Sum Savings): You put a lump sum into account for a certain period of time. You CAN'T add to this lump sum, it's simply depositing a lump sum and getting interest at end of year?
Lump Sum Deposits (Variable Rate Savings): You put in a lump sum into account for a certain period of time. You CAN add to this over the period of account.
OR is the keyword "Deposit" in both accounts : ie: I can't save anymore than the initial Deposit in either account, the only difference between them is a standard rate of interest in one and a variable rate of interest in another?
If someone could clear my head about this, in really simple terms, I'd appreciate it, I've a real mental block when it comes to these Deposit accounts!