Term deposits 'should be a savings consideration'

Australians should compare term deposits and other high interest accounts when developing savings goals, it has been argued.

Seven Network presenter and financial journalist David Koch noted that everyone has their own views when it comes to making savings decisions.
"Whether it be a parent, relative or good friend, everyone seems to have their own investment credo," he said in a column with his wife, Libby.

"Some are good, some have an element of rationality and others are just plain dangerous."

Writing for News Limited, they noted that one such "credo" is the view that it is not worth keeping money in a standard bank account.

The Kochs conceded that it is a good idea to have some savings easy to hand for a "rainy day", but added that money can go further if invested in high-interest savings accounts, term deposits, online accounts and cash management accounts.

The advice comes after a survey of 1,000 people by the Australian National Retailers Association and American Express last week found that Aussie consumers are more concerned with saving rather than spending this Christmas.

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