How to Open a Deposit in Your Bank's App

How to Open a Deposit Through Your Bank's App - Step by Step

A deposit (sometimes called a savings deposit or term deposit) is a way to keep money at a bank so it earns extra money over time, called interest. In the past, you had to visit a bank branch to open one. Today you can do it right from your phone, using your bank's app - a program you install on your smartphone. It is easier than it sounds. Follow the steps below, and in a few minutes you will have an open deposit.

Before you start, you can compare offers from different banks - for example, look at the ranking of the best deposits. This makes it easier to pick a good interest rate before you open anything.

Step by step

1. Open your bank's app on your phone - tap its icon (a small picture) on your screen.
2. Log in to the app - enter your PIN (a numeric password) or use your fingerprint or face recognition, if you already set that up.
3. On the main screen, look for a section called "Deposits," "Savings," or "Term Deposits" - it is usually one of the menu items at the bottom or side of the screen.
4. Tap the button that says "Open a deposit" or a "+" (plus) icon - this opens the form for a new deposit.
5. Choose the type of deposit from the list your bank offers - for example, a deposit that allows extra deposits, or one without early withdrawal. If you are not sure which to pick, that is completely fine - each option usually has a short description under its name.
6. Enter the amount of money you want to put into the deposit.
7. Choose the term - that is, how many months or years you agree to keep this money there.
8. Carefully read the screen showing the conditions - it shows the interest rate (how much you earn per year) and the total amount you will get at the end of the term.
9. Tap "Confirm" or "Open deposit."
10. Enter the one-time SMS code - a short code of a few digits that your bank sends to your phone number to confirm it is really you performing this action. Type it into the app, and never say this code out loud to anyone - even someone who says they are calling from your bank.
11. Wait for the confirmation screen - it will say the deposit is open and show your deposit number.
12. To check on your deposit later, open the app and go to the "My Deposits" section - there you can see the amount, the term, and the date it ends.

Good to know. Do not worry about tapping the wrong button. In almost every bank app you can go back a step or cancel the process, as long as you have not yet confirmed it with the SMS code. You cannot break anything.

What to do if something goes wrong

Quick recap

1. Open your bank's app.
2. Log in.
3. Find the "Deposits" section.
4. Tap "Open a deposit."
5. Choose the deposit type.
6. Enter the amount.
7. Choose the term.
8. Review the conditions.
9. Confirm.
10. Enter the SMS code.
11. Wait for confirmation.
12. Check your deposit status under "My Deposits."