Term deposit 'helped woman buy car and house'

A term deposit helped one businesswoman to purchase her first house and car.

Speaking to Adelaide Now, founder of mobile applications and catalogues firm Min-i-Mags Jillian Manly revealed that her parents set the account up for her.

She explained that they put the child endowment money away for her and that she added to the fund.

According to Ms Manly, the term deposit was her first investment.

"I used it to buy my first car and continued saving with term deposits. Eventually I used this money to buy my first home," she said.

This comes after Anthony Keane claimed in an article for the Herald Sun that term deposits offer good interest rates for savers.

He noted that the annual interest rates stand up well when compared to the four per cent rental income yield enjoyed by those with investments in the property sector and the 3.7 per cent dividend yielded to people with shares.

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