Installment Savings Account is a relatively new product that is usually offered by local/regional banks.  An Installment Savings Account is basically an agreement to make monthly payments to the bank for a specific amount of time.  In return, the rates for Installment Savings Account is typically much higher offered by the banks.  

Above is an example of  yield/agreement of installment savings account.  In order to receive 5.50% APY yield, you have to commit to 48 months.  If you setup a $1,000 Installment Savings Account, you have to deposit $20.83 ($1,000 / 48 months) per month for 48 months. 

Advantages of Installment Savings Account

• Extremely Attractive Yield 
• Forces you to save money
• You are locked in at the rates.  Rates can go against you especially for long term installment savings plan

Disadvantages of Installment Savings Account

• Penalties for Early Termination
• Missing money transfer loses all of the interest earned for the account