Does anyone know if banks have a thing where you can lock your?

Question

your deposits that you put in, for like 6-12 months? This way I cannot touch it until the time is up.
I live in Alberta, so I canadian advice.

Answer 1

Yes it is called long term deposit, if you do it you get a 3,4,5 % or something increase in your deposit because in this case technically you are lending money to the bank.

Answer 2

All Canadian banks will sell you a Guaranteed Investment Certificate
(GIC) They come in a lot of different terms. Some cashable, some not cashable until maturity. They generally earn better interest than your bank account. The problem is they usually require a minimum deposit. But nothing stopping you from getting several throughout the year.

Here is a sample bank. You want the second table of the ones you can't cash until maturity. The range of options is from 30 days to 5 years.

Answer 3

Ask your bank about Certificates of Deposit and Deposit Receipts.
They can be taken out for periods from 1 month to 5 years.
They pay a better return than the standard savings account too.