How do I open and manage my term deposit?
Updated over a week ago

To learn more about our term deposits, read our article 👉 here.

With Qonto, you can open one or more term deposits and grow your cash surplus without having to think about it. Opening your term deposit can be done in a few clicks, no paperwork required.

Who can open a term deposit?

Only Owners of the Qonto account, who are corporate officers and corporate officer representatives, may open a Qonto term deposit. However, Admins and Accountants on Qonto may access all the account information once opened.

To open an account, your company must also meet the following criteria:

  • It should be registered and have its fiscal residency in metropolitan France, Corsica, Guadeloupe, French Guiana, Martinique, La Réunion or Mayotte. Companies registered in Overseas territories (TOM) are not eligible ;

  • NAF code not beginning with 64, 65, 66, 68, 70, 4110C, 4110A, 6910Z;

  • Not be subject to collective proceedings;

  • It should not have trade links with any country from the OFAC, ISO 2 and DGT Sanctions List.

  • Your ultimate beneficial owner (UBO) isn't born or resident of one of a country from the OFAC, ISO 2 and DGT Sanctions List.

☝️ Keep in mind: You will also need to deposit more than €5,000 on your Qonto account. This amount corresponds with the minimum deposit required for a term deposit.

How do I open a term deposit?

Opening a term deposit could not be simpler!

  1. Simply open the Business account > Accounts section from your Qonto web application.

  2. Then click on Create Account in the top right of the screen. You will have the choice to either open a new current account or a term deposit.

  3. You will then be asked to confirm certain information about your company and to authorize the sharing of your information with My Money Bank. To learn more, read our article on the topic.

  4. Then enter the desired term and the amount to be invested. Describe the source of the deposits.

Your account will be up and running in 3 to 4 days, once our partner has been able to complete the final verifications.

Can i transfer money directly to my term deposit account ?

The top-up by card feature can be used only once for your first transfer to the account. After that, you must not make transfers to your term deposit account.

How do I manage my term deposit?

Once your account is open, you have nothing else to do: your account will pay interest automatically, once the contract expires. At that time, capital and interest will be paid to your Qonto main account automatically.

All the information about your term deposit is available on the Business account > Accounts section of your web app. In particular, you will be able to see your interest rates and term of your account.

To access your term deposit informations, go to the section Business account > Accounts of your web app. From here, you will be able to:

  • See your interest rates and term of your account.

  • Download the opening contract and/or closure contract. To do so, click on [...] next to the relevant account and select the option you want.

Want to learn more about closing your account? Find all the information you need in 👉 this article.

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