Term deposits 'might offer the best interest rates'

Term deposits could offer some of the highest savings interest rates around for those looking for savings accounts, it has been suggested.

In a question and answers article for Adelaide Now, financial adviser Glenn Todman said that term deposits can offer six per cent rates for those investment options.

The expert was commenting on the availability of savings accounts for children, noting that there is generally little difference between these and ones set up for adults.

This comes after senior analyst at Datamonitor Andrew Haslip told the Age that more and more Aussies appear to be moving towards term deposits as an enduring investment strategy.

Mr Haslip claimed that the best deals are available on periods of six to 12 months, with some rates on offer going as high as 6.6 per cent.

His comments were echoed by Mr Todman, who noted that while those who compare savings accounts might find rates close to six per cent, the best available are generally those for term deposits.

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