Unexpected windfalls 'should be put in term deposits'

Those fortunate enough to receive a large amount of money all at once have been advised to put their cash into a term deposit.

Laura Menschik, co-director of WLM Financial Services, told the Sydney Morning Herald that it may be a good idea to seek help from experts if the amount is "substantial".

According to the expert, term deposits are a good place to store windfalls when they come in.

"Sit on it, dream about it and focus on what you can do, what you should do and what you want to do," she recommended.

Her tips were echoed by John Dani, manager of advice development at ipac, who noted that those over the age of 65 may be among those who are particularly likely to benefit from taking steps to compare term deposits and open an account.

Last month, figures from Canstar Cannex's Deposit Account Star Ratings revealed that the amount placed into term deposits rose to $2.3 billion this year.

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