How does Time Deposit Rollover work?

When you roll over your Time Deposit (TD), you're extending the term your money is placed in that TD account. The term you initially chose will be the same term your TD will follow once it has rolled over. 


For example, if you initially chose a 6 months Time Deposit and decided to rollover, you will have a new term of 6 months, and will continue to renew every 6 months until you deactivate the time deposit roll over button. 


The rate that you will get for the new term of your Time Deposit (TD) will depend on the rate that is in effect on the rollover date. 


For example, if Tonik still offers the 6% interest rate for TDs, then your existing TD that's earning 6% interest rate will continue earning the same interest rate. But if the new interest rate becomes 4%, then your TD rollover will earn the new 4% interest rate. You can learn more about this in our website.