Deposit products

A deposit product is an interest-bearing account where you can apply interest, fees, taxes, and so on. In Control Center, you can only attach debit accounts. To attach a different account type, you must use the Interest-bearing accounts API.

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You must contact your Pismo representative for assistance with setting up interest-bearing accounts.

There are two types of deposit product on the Pismo platform:

• Time deposit—Also known as term deposit or certificate of deposit (CD), this is a deposit account that sets aside an amount of money for a fixed period of time. Such accounts typically offer higher interest rates compared to a savings account, but the money cannot be withdrawn until the end of the term without a penalty.
• Savings account—A type of deposit account that provides a safe place to store money while earning interest. The interest rates, schedules, fees, and tax implications are determined according to the interest plansthat you associate with the account. These accounts typically pay low interest rates and have lenient withdrawal restrictions.

To view a list of deposit products, go to the main menu and select Configurations > Deposit products. Select any of the products to view its details.

For information about deposit products on the Pismo platform, refer to Interest-bearing accounts.