How to open a GoTyme Bank Fixed Deposit and what early withdrawal costs

Want to tuck some money away for a while and let it grow? A GoTyme Bank Fixed Deposit lets you lock in a rate for 3, 6, 12, 24 or 36 months and then leave it alone until it matures. Rates go up with the term, including 9.25% for 24 months and 9.75% for 36 months. Here's how to set one up, and what to expect along the way.

How do I open a Fixed Deposit?

It starts with a simple decision: how much do you want to set aside, and for how long? You can only put in one lump sum when you open it, so make sure it's the full amount you plan to lock away. The rate you get is fixed from day one and won't change, even if the Reserve Bank adjusts rates later.

If you have two or more Current Accounts, you can choose which one funds your Fixed Deposit when you create it.

Good to know: You'll find Fixed Deposit in the GoTyme Bank app under the Savings button, the superFAB (Bottom menu button) or the Accounts section.

Your money stays put for the full term you chose. No top-ups are allowed, so if you want to add more later, you'll need to open a separate Fixed Deposit. You can't change the term or the interest rate after opening either, so pick carefully. What you can change is what happens when it matures, and where applicable, the account your payout goes to while the deposit is running.

Good to know: There's no published minimum or maximum amount.

Life happens, and you can withdraw before maturity. A penalty applies though, which means you'll earn less than if you'd waited. The penalty is taken from the amount you withdraw early, which is your deposit plus the interest earned so far, and it depends on when you opened your deposit.

• Opened from 6 May 2026: 2% is deducted.
• Opened between 21 April 2025 and 5 May 2026: 1.5% is deducted.
• Opened before 21 April 2025: your interest is recalculated at the shorter term rate first, then 1% is deducted from that adjusted amount (your deposit plus the revised interest).

If opening your Fixed Deposit doesn't go smoothly, start by checking your Current Account history to see whether the money left, and whether a Fixed Deposit now shows in your Savings area. If you get an error code, close and reopen the app. If it keeps happening, note the code and take a screenshot.

We're always here to help

Fixed Deposits are meant to be simple and predictable. Chat to us on WhatsApp at 0860 999 119 or through in-app chat. We will never ask for your PIN, full password or a one-time password.