Term deposits vs savings accounts

"I'm all cashed up with nowhere to go!"

Buckle up as Mozo answers the age-old question: Where do I park my money car? (Near the exit to avoid a queue, or near the shops to avoid a walk?)

Term deposits / savings accounts in 31 words or less

• Term deposits are more secure, with guaranteed interest rates, but less flexibility on withdrawals.
  
• Savings accounts can change interest rates, typically offer less interest, but provide better access to your money.
  

• Term deposits (usually your 3 or 6 month accounts) can offer worse rates than some market-leading savers. Whatever you do, don't fall for a dud deal!
• Long term deposits offer big, musclebound savings interest, but if rates are rising, they may not look so handsome in 2 or 3 years' time.

Show me some peachy term deposit rates!
I hate peaches! Where are the plum savings accounts?

Savings account tricks

• Reserve Bank interest rates change all the time, but banks can be sluggish when it comes to passing on the savings interest rates (or simply don't). If you haven't exactly been keeping tabs on which banks have the best record, never fear: Mozo has Australia's largest bank review database from actual customers.

Take me to the real savings reviews!

What about some term deposit reviews and ratings then?

Wait just a second!

I should probably check out some term deposit features before signing up for years and years.