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What is a Term Share?

A Term Share is a savings certificate entitling the bearer to receive dividends. A Term Share bears a maturity date, a specified fixed interest rate and can be issued in any denomination. When you open a Term Share, your money is on deposit for a specific time period. For agreeing to keep it on deposit for a specified time period, you earn more than you would in a regular savings account. If you cash it in before its maturity date, you pay a penalty.

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