Term Deposits
Term Deposits can be a great way to save money. They are a relatively safe form of investment. A term deposit is similar to a saving account, except that you deposit your money for an agreed term or time frame. If you withdraw your money before the term ends there are generally interest penalties. The interest rate on term deposits is usually higher than you would get in a savings account. The interest rate is also dependent on the amount you invest. The more you invest into a term deposit the higher the interest rate that is generally available.
The term of a term deposit can vary from short term deposits to long term deposits. Most term deposit time frames range from 3 months up to about 5 years. The interest is generally paid at the end of the term, however some of the longer term deposits may pay interest annually.
Term Deposit Providers include:
- ANZ bank
- Commonwealth bank
- NAB bank
- Westpac bank
- UBank
- RaboDirect
- BOQ bank
- Teachers Credit Union
- ING Direct
- First Choice Credit Union
It pays to shop around for a term deposit thats suits your objectives, taking into account your investment amount, time frame and interest rates. Keep in mind there is usually a minimum amount that you must deposit into a tem deposit which may vary between financial institutions.
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