Listen to a Business English Dialogue About Time deposits
Morgan: Hey Scarlett, do you know what time deposits are?
Scarlett: Hi, Morgan! Yes, time deposits are savings accounts where you agree to keep your money for a fixed period, like six months or a year.
Morgan: That’s right, Scarlett. Time deposits typically offer higher interest rates compared to regular savings accounts because you’re committing to leave your money untouched for a specific period.
Scarlett: Exactly, Morgan. The longer you agree to keep your money in a time deposit, the higher the interest rate usually is.
Morgan: Yes, Scarlett. Time deposits are a popular way for people to save money while earning more interest than they would with a regular savings account.
Scarlett: Absolutely, Morgan. They’re considered low-risk investments because your money is typically insured by the government up to a certain amount.
Morgan: Right, Scarlett. And because you can’t easily withdraw your money before the agreed-upon time period without facing penalties, they encourage saving for the long term.
Scarlett: Yes, Morgan. Time deposits are a great option for people who want to earn a guaranteed return on their savings while keeping their funds safe and secure.
Morgan: Absolutely, Scarlett. They provide a predictable way to grow your money over time, making them a valuable tool for financial planning.
Scarlett: Indeed, Morgan. Overall, time deposits offer a straightforward and reliable way to save and earn interest on your money.