Deposits

A deposit is money you place in a bank account to keep it safe while earning interest to help it grow. Deposits are “locked” for specific periods, meaning you agree not to withdraw the money during that time in return for earning interest. This makes it a reliable option for building your savings and achieving your financial goals.

A deposit is a safe way to grow your money. Unlike other investments, it guarantees a return and protects your original deposit, so there’s no risk of losing what you put in. It’s simple to understand, with clear terms, and easy to manage, making it great if you want stability and peace of mind with your savings.

You can open a term deposit with interest paid at maturity in the following 6 currencies:

1. Jordanian Dinar (JOD)
2. US Dollar (USD)
3. British Pound (GBP)
4. Canadian Dollar (CAD)
5. Australian Dollar (AUD)
6. Euro (EUR)

You can open a term deposit with interest paid monthly in the following currency:

1. Jordanian Dinar (JOD)

You can open a certificate of deposit in the following 3 currencies:
1. Jordanian Dinar (JOD)
2. US Dollar (USD)
3. British Pound (GBP)

A term deposit is a short-term investment with lower interest rates but offers flexibility to access your money if needed. On the other hand, a certificate of deposit has higher interest rates and fixed maturity dates, meaning access to your money is more limited throughout the term. Your choice will depend on whether you prefer flexibility or higher returns.

The interest rate depends on several factors, such as the term, type, and amount of the deposit. And it’s represented as an annual percentage. You can find the latest deposit interest rates here.

Monthly interest payments give you a steady income during the term, which is helpful if you need regular cash flow. Interest paid at maturity is accumulated and paid as a lump sum at the end of the term, making it perfect if you can wait for a larger reward.

You can top up your term deposit by following these steps:

1. Tap on “Deposits” from the bar at the top of the main screen
You will be directed to a screen where you can toggle between term deposits and certificates of deposit and view all your deposits.

2. Select the deposit you want to top up
You will be directed to a screen showing your deposit’s details, with 2 options: “Liquidate deposit” and “Top up +”.

3. Tap on “Top up +”
Enter the amount you want to add to your deposit, then tap on “Continue”.

4. Review the updated details of the deposit, then tap on “Top up deposit”
A screen will appear to confirm the successful top-up of your deposit, with an option to share the updated details with your contacts or on social media.

A certificate of deposit can’t be topped up.

You can amend the renewal type of your term deposit or certificate of deposit midterm, but this can only be done by visiting one of our branches.

For term deposits with interest paid at maturity, you have 3 renewal options:
1. Fully withdraw the deposit, including both the principal amount and the interest earned, to your account.
2. Automatically reinvest both the principal amount and the interest earned for a new term.
3. Reinvest only the principal amount for a new term, while the interest earned is deposited into your account.

For term deposits with interest paid monthly, you have 2 renewal options:
1. Fully withdraw the deposit, including both the principal amount and the interest earned, to your account.
2. Reinvest only the principal amount for a new term, while the interest earned is deposited into your account.

For certificates of deposit, you have 2 renewal options:
1. Fully withdraw the deposit, including both the principal amount and the interest earned, to your account.
2. Reinvest only the principal amount for a new term, while the interest earned is deposited into your account.

You can break a term deposit and choose to either partially or fully liquidate it through our app.

You can break a certificate of deposit through our app, but unlike term deposits, you can only fully liquidate the deposit.

Note that penalties will apply if you partially or fully liquidate the deposit before its maturity, as outlined in the bank’s terms and conditions.