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View Target Savings Accounts FAQs
1. What is the Target Savings Account?
The Target Savings account is an account to which a pre-determined amount is deposited weekly, bi-monthly or monthly over a 12 month period.
2. Who is it designed for?
It is designed for anyone who wants to save a specific sum of money over a 12 month period in a high interest bearing account.
3. How much does one need to open the account?
Minimum deposit of $100.00.
4. Can the account be opened with any other amount?
Yes. The account may be opened with an amount greater than $100.00. However, the amount deposited monthly must be equal to the initial deposit amount.
5. What target periods are allowed?
The contracts are for one year only.
6. Do you have to withdraw at the end of the targeted period?
No. The funds will automatically roll over under the same deposit agreements. Unlimited withdrawals may be made during the month after the account matures (the grace period).
7. Is it the same as a fixed deposit?
No. Fixed amounts are deposited to the target account on a regular basis, preferably by standing instructions, whereas additions to a Fixed Deposit account can only be made upon maturity.
8. Can one withdraw from the target savings?
If withdrawals are made before the end of the period, the account would revert to a regular savings account. Unlimited withdrawals can be made during the month after the contract expires.
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