Aussies urged to compare term deposits

Wednesday 13 July 2011

Article by Mozo

Aussies hoping to get the most out of money put in term deposits have been urged to ensure they check on the deals they are getting when the time comes to consider whether or not they allow them to roll over.

Compare term deposits each time they mature

Ian Hendey, group executive of brand, products and distribution at ME Bank, noted that some people will be losing money if they do not keep an eye on their finances.

He told National Features: "What we have seen is that you might see an offer for six months at six per cent, but as it starts to mature they turn into two to three per cent offers, which is catching the average consumer out."

The expert advised investors to be aware of when their term deposit matures and to check that the interest rates they are set to receive are in line with what they expect.

Last month, research by CoreData found that savers had about $560 million in bank accounts and other forms of savings accounts, which was $200 million higher than in 2007.

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