If you’re looking into saving for long-term goals but still want to maintain a low-risk tolerance, a time deposit account may be the one for you.

With a time deposit, you’re allocating a certain amount of money for a fixed period of time with a corresponding interest rate—during which the amount cannot be withdrawn. Time Deposits are also insured by the Philippine Deposit Insurance Corporation or PDIC so you can rest assured that your money is in a safe place.

Most time deposits have investment periods anywhere from 30 days to 1 year, while more long-term variants may last 2 years and up—this can be ideal for someone looking to secure capital for their own business.

However, you should keep in mind that–unlike a normal savings account–the money you put into a time deposit cannot be withdrawn until the date of maturity. This can be a good thing or a bad thing. It might not be for you if you have immediate financial obligations. On the other hand, it can be extremely beneficial if you’re in it for the long haul.

While traditional investments can earn a higher return, time deposits require no effort after your initial deposit has been made. In short, a time deposit gives you higher returns than a regular savings account with significantly less risk than an investment. And because your money will be locked-in for a certain period, it’s even protected from yourself (and your sudden urges to spend).

Want to know more about Time Deposits? Read How to Protect Your Savings (Even From Yourself)

Open a time deposit account when saving for specific financial goals like going on a big vacation next year, or even opening a small business.