High-Yield Savings Account
A higher tiered rate for larger balances you do not need every day.
Accounts
Lock in your rate. Know your return on day one.
Place JOD 1,000 or more for 1, 3, 6 or 12 months at a fixed rate of up to 5.25% p.a., or up to 5.50% p.a. for JOD 50,000 and above.
Applications are not possible: this is a fictional test website.
Key benefits
Fixed rate, fixed return
Your rate cannot change during the term, whatever happens to market rates.
Choose your term
1, 3, 6 or 12 months to match your plans.
Higher rates for larger sums
Deposits of JOD 50,000 or more earn an extra 0.25%.
Auto-renew or pay out
At maturity, renew automatically or send the money to your current account.
Who it's for
For savers who can set money aside for a fixed period.
- Families holding money for a planned purchase later in the year
- Retirees placing end-of-service savings
- Business owners parking surplus personal cash
- Savers who want certainty rather than variable rates
Features
- Fixed interest for the whole term
- Interest paid at maturity (monthly payout available for 12 months)
- Automatic renewal option
- Open several deposits with different maturity dates
- Can be used as security for a loan
- Deposit certificate in the app
Rates and figures
| Term | Interest rate |
|---|---|
| 1 month | 3.50% p.a. |
| 3 months | 4.25% p.a. |
| 6 months | 4.75% p.a. |
| 12 months | 5.25% p.a. |
Fixed for the term. Fictional figures for software testing.
| Term | Interest rate |
|---|---|
| 1 month | 3.75% p.a. |
| 3 months | 4.50% p.a. |
| 6 months | 5.00% p.a. |
| 12 months | 5.50% p.a. |
Example: JOD 10,000 for 12 months at 5.25% p.a. earns JOD 525 before any tax.
Fees and charges
| Opening or renewal | Free |
|---|---|
| Early break | Rate reduced by 1.00% for the elapsed period |
| Deposit certificate (paper) | JOD 2 |
Eligibility
- Aged 18 or over
- A Lanternvale current, salary or savings account
- Minimum deposit JOD 1,000
Documents you need
- National ID or passport with residence permit
- Source of funds declaration for deposits above JOD 50,000
How to apply
- Choose the amount and the term
- Pick auto-renew or payout at maturity
- Confirm in the app or at a branch
- Receive your deposit certificate
Frequently asked questions
Can I take my money out early?
Yes, but the rate for the time elapsed is reduced by 1.00%. For example, a 12-month deposit at 5.25% p.a. broken after 6 months earns 4.25% p.a. for those 6 months.
What happens at maturity?
We renew for the same term at the rate on that day, unless you chose payout.
Is the rate guaranteed?
Yes, for the term you chose. Renewals use the rate on the renewal date.
Can I add money to an existing deposit?
No. Open a new deposit instead; each can have its own term.
Is there an Islamic alternative?
Yes. The Wakala Investment Deposit pays an expected profit rather than interest.
Related products
Wakala Investment Deposit
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Sukuk
Sharia-compliant certificates paying periodic profit distributions.
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Lanternvale Bank is fictional. Figures are examples for software testing. Products would be subject to local banking regulation.