Understanding whether your term deposit is a redeemable, non-redeemable or a fully cashable term deposit is essential based on your goals. If you’re parking your rainy-day fund in term deposits, you'll want them to be liquid (readily available), so you can access your money in case of an emergency. If you're using them to save for a purchase you know is five years away, you can keep your money working for you by locking it in to a longer term deposit with a higher rate. To get a better idea of how a term deposit can help you reach your savings goals, meet with one of our financial experts.