Term Deposits: Set and Forget


Friday 15 October 2010

A volatile market has lots of people looking to the safety of Term Deposits to stash their hard earned cash and the banks are coming to the party.

ING Direct, with the help of their new, hairy mascot (and we’re not talking about Billy Connolly) are rewarding the cautious with some tasty returns. Fellow Dutch stablemates RaboDirect are also offering great rates as are local providers AMP and ANZ to name a couple.

The financial world is presently a volatile one, highlighted recently by the surging Australian dollar and the Reserve Bank surprisingly not moving rates last week. As a result, people are turning to Term Deposits to give them some stability looking to the future.

One year deposits in particular have been running hot recently – it’s easy to see why given the current uncertainty. The one year time frame gives investors the chance to set some money aside to see out this period of flux and then reassess a year later when things may have settled down.

Term Deposits are a good, safe bet and might just be the answer for those with a bit of cash lying around.

Mozo’s Top Picks

1 Year – <#ING Direct’s 6.40%#TermDeposit#148#>, closely followed by <#RaboDirect’s 6.30%#TermDeposit#12#>
2 Year – It’s the dutch double again, with <#ING Direct’s 6.60%#TermDeposit#148#> and <#RaboDirect’s 6.40%#TermDeposit#12#>
5 Year – <#RaboDirect’s 6.75%#TermDeposit#12#> and <#AMP’s 6.50%#TermDeposit#150#>

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