A fixed term account is a type of savings account that has a set period of time in which your money will be held. During this time, you cannot withdraw any funds from the account without incurring a penalty. This type of account is often used for long-term savings goals, such as saving for a down payment on a house or for retirement.

It's important to understand that with a fixed term account, the clock starts ticking the day you fund it. This means that you cannot add any further funds to the account after the initial deposit. This is different from other types of savings accounts where you can make deposits at any time.

So, if you are considering opening a fixed term account, it's important to carefully plan and budget your initial deposit. Make sure you are comfortable with the amount you are depositing, as you will not be able to add any additional funds later on.

However, just because you cannot add funds to your existing fixed term account, doesn't mean you can't save more money. You can open another (the same) account for any additional funds you want to deposit. In fact, there are no limits to the number of accounts you can open with a single provider.

This can be a great option if you have multiple savings goals or if you want to diversify your savings across different accounts. Just make sure to keep track of all your accounts and their respective maturity dates to avoid any confusion.

In summary, a fixed term account is a great option for long-term savings, but it's important to carefully plan your initial deposit as you will not be able to add any further funds. However, you can open multiple accounts with the same provider to save more money and diversify your savings. Happy saving!

-
​