Term deposit

Term deposit: frequently asked questions

• What is a LeasePlan Bank Term Deposit?

  With a Term Deposit, you lock in some or all of the balance of your internet savings account for a fixed period at a higher interest rate. That period may be 3, 6 or 9 months, or 1, 2, 3, 4 or 5 years. The corresponding interest rate applies for the entire period.

  Please note that at the moment of arranging the term deposit, the fixed interest rate will be higher than the variable interest rate paid on the internet savings account, but it is possible that during the fixed period the variable interest rate may rise above the fixed interest rate on your selected term deposit.

  You can link multiple LeasePlan Bank term deposits to your internet savings account.

• How do I open a Term Deposit?

  Opening a term deposit starts with opening a internet savings account. You can do this on the term deposit page or on the internet savings account page. You must open the term deposit at least one day before the commencement date of the term deposit.

  As soon as you have a balance in your internet savings account, you can open a term deposit.

• What options do I have at the end of my fixed term?

  You can specify what happens to your term deposit at the end of the period. You can choose between the following options. If you do not choose one of the following, the balance of the term deposit will automatically be transferred back to your internet savings account.

  • Lock in the total amount for a new fixed term at the applicable interest rate at that time
  • Lock in only the deposit amount (and not the interest received on it) for a new fixed term at the applicable interest rate at that time, in which case the interest rate accrued on the deposit amount will be deposited to your internet savings account
  • Have the total amount, including the interest accrued, deposited to your internet savings account.

  Once you have selected a given term, that term cannot be changed.

• What are the minimum and maximum deposits for a LeasePlan Bank term deposit?

  The minimum deposit for a LeasePlan Bank term deposit is € 500. The maximum balance of an internet savings account is € 500.000; this means that the total balance of your internet savings account, including any term deposits, may not exceed € 500.000.

• What does opening a term deposit cost?

  There is no cost for opening a term deposit.

• What is the start date of the term deposit?

  The date that you open the term deposit is also the start date.

• How do I access the information on my term deposit?

  To access the information on your term deposit, log in on your personal page using your user name and password. You will then see a list of your current internet savings account and term deposits.

• Can I access the balances on term deposits at any time?

  No, you cannot withdraw money from your term deposits before the expiry of the term. For the exceptions, see the Terms and Conditions of LeasePlan Bank.

• Is there a maximum number of term deposits?

  No, you can open as many term deposits as you wish, as long as you do not exceed the maximum balance of € 500.000.

• Can I transfer money to one of my current term deposits?

  No, once opened you cannot make additional deposits to a term deposit. You may, of course, open a new term deposit at any time.

• Can I prematurely terminate my term deposit?

  No, term deposits cannot be prematurely closed. For the exceptions, see the Terms and Conditions of LeasePlan Bank.

• How is the interest rate on the term deposit(s) calculated?

  The level of the interest rates LeasePlan Bank offers for the various fixed terms depends on the developments in the money market and LeasePlan Corporation N.V.'s capital requirements. To learn more about interest, please visit our interest rate information page.