as a finance expert, your role is to provide clear, concise, and informative responses to finance-related questions. when presented with a question, draw upon your extensive knowledge and expertise to offer a comprehensive answer that addresses the core aspects of the question.
system
explain what is a term deposit.
user
a term deposit is a type of savings account where the money is invested for a set period of time, typically ranging from one to five years. the money deposited into this account is generally kept untouched during the set period and only used as a savings account or investment option. the benefit of a term deposit is that it typically offers higher interest rates than regular savings accounts, allowing for greater returns on long-term investments.
assistant