What happens to your term deposit if your bank closes?
Term deposits are covered under the government’s Financial Claims Scheme (FCS), but what about the interest you’ve been patiently trying to accrue?
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Term deposits are covered under the government’s Financial Claims Scheme (FCS), but what about the interest you’ve been patiently trying to accrue?
A term deposit is one of the easiest and safest ways to invest your savings. Just lock up some cash for a set period and let the interest do the rest. Since a term deposit is fixed interest, you’ll get a predictable amount for the agreed-upon term even in the event that the RBA changes the cash rate.
For anyone who’s looking to grow their savings, term deposits can be a risk-free and reliable option. Nominate an amount of money and how long you’d like to lock it away, and a nice little stack of interest will be waiting for you once that time is up.
When you’re trying to make the most of your term deposit interest, you’ll want to make sure you pick all the right options to suit your saving goals. One way of going about this is by selecting when your term deposit interest rate is paid.
If you’re considering a term deposit as a savings strategy, you probably want to earn high interest for your lump sum savings and invest in a secure and safe manner.
You’ve done the hard work of saving and squirrelling away every spare dollar, decided a term deposit is the best place to park your money and now you can kick back and forget about it, right? Wrong!
Don’t have a problem going in for the long haul and making a serious commitment? Well then, apply that to your savings strategy with a long term deposit, for a low-risk way to earn a return on your rainy day fund.
One of the great things about a term deposit is that it’s not only a low risk way to earn a return on your savings, but also a pretty low maintenance one. That doesn’t mean there aren’t some great tricks to making your term deposit work harder for your money - but it does mean that opening a term deposit is a pretty stress-free process.
Wondering if you should lock your cash up in a term deposit? While there are a lot of benefits to getting a fixed interest rate on your savings, there are also a few disadvantages to making your savings illiquid.
So you’ve decided a term deposit is the best place for that nice Christmas bonus, or the nest egg you’ve been working on, but now the question is, where do you go to get one? The answer might seem easy - the bank, of course - but there are heaps of options when it comes to choosing where you want to open a term deposit.
If you’ve picked a term deposit to be your savings strategy, then the next big question is: how long do you want to lock your hard earned cash away?
If you want to commit your money to a term deposit but you’re not quite ready to lock it away for the next few years, then a short term deposit might just be the solution you’re looking for. It's still low-risk and a stable way of earning a return on your savings, but without the commitment of not touching your funds for years on end.
Are you looking for a place to stash your cash that will earn you high returns and protect you against rate movements in the market? Then a term deposit could be just for you!
So you’ve decided to lock your funds away in a term deposit to grow. Good for you! By this point, you probably already know what a term deposit is: a stable, long-term savings strategy that can help you maximise the size of your rainy day fund with minimal effort on your part.
Before you make the decision that a term deposit is for you, it’s worth comparing not only the interest rates and deals on offer, but also the type of term deposits available, so you can find one to suit your budget and lifestyle.
It's a question asked by savers of all sorts: should I stash my cash in a term deposit or savings account?
Here are some tips from the mozo team for getting the best value from your term deposit
Stay tuned for updates and exclusives from the front line of the term deposit war.
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MyState Bank has upped the interest rate of its 7 month term deposit rate by 1.50% p.a today to 5.00% p.a.
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If you’ve got some savings that you want to put aside for a rainy day, now might be a good time to consider a term deposit.
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Since the RBA started holding rates at the end of last year, term deposit providers have made small downward revisions to rates. As rate cuts are on the cards for later this year, longer term rates have seen the biggest cuts. However, there are still some great short term rates that might be worth parking your cash for.
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Getting the best interest rate for your cash often means shopping around for providers who are offering the best rates. While it can be tempting to lock in the longest rate possible with a term deposit, right now the shorter term is generally offering the highest rates. This is because many banks are anticipating rate cuts on the cards for later this year.
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