Lotto winner advised to put cash in term deposit

Friday 01 April 2011

Article by Mozo

The winner of a $2 million Lotto jackpot has been advised by one expert to consider putting the cash into a term deposit.

Term deposit 'might be good option for Lotto winner'

Speaking to Central Western Daily, Orange Credit Union's general manager Paul McNamara noted that the interest alone would provide a substantial income boost each year.

The identity of the person holding the lucky ticket for the Wednesday (March 30th) draw is as yet unknown, but they are set to become a millionaire when they claim their prize

Mr McNamara noted that if they compare term deposits, the winner could expect to make $129,599 over a period of 12 months.

"That's a great rate of return, the term deposit market is so competitive at the moment," he stated.

Last month, the winner of the 888 Poker League grand final at the Crown Casino in Melbourne revealed that he would be investing more than half of his winnings in a term deposit, reported the Daily Mercury.

The gamer took down the $56,420 first prize and said that $30,000 of this would be placed in the high-interest account.

Have a question about term deposits? Ask the money gurus at Mozo AnswersADNFCR-1761-ID-800484304-ADNFCR

Compare today's top term deposits

Back to top