term-savings

Vocabulary Word

Definition

'Term-savings' is a fancy way of saying 'long-term savings plans, often in a bank.' These plans usually have a specific time limit, meaning that you can't withdraw the funds until the time is over, often for better interest rates.

Examples in Different Contexts

In personal savings, 'term savings' refer to savings accounts or certificates of deposit (CDs) that lock funds for a fixed term to earn interest. A financial planner might suggest, 'Putting your emergency fund in a term savings account can earn you higher interest than a regular savings account.'

Practice Scenarios

Tech

Scenario:

I've noticed that a lot of users are interested in financial apps that provide proactive notifications about their banking activity. How can we incorporate that feature?

Response:

We can develop a feature that automatically sets up term-savings and sends regular updates on growth.

Marketing

Scenario:

We need to boost the visibility of our savings products. Let's consider emphasizing the security and potential earnings.

Response:

Let's launch a campaign highlighting the benefits of our term-savings products.