What happens to your term deposit if your bank closes?
Term deposits are covered under the government’s Financial Claims Scheme (FCS), but what about the interest you’ve been patiently trying to accrue?
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Term deposits are covered under the government’s Financial Claims Scheme (FCS), but what about the interest you’ve been patiently trying to accrue?
Earning interest on your savings is attractive, but it comes with tax obligations. If you're considering a term deposit, it's crucial to understand the tax implications of the interest you'll earn. Let's explore what you need to know about paying tax on term deposit interest.
Financial hiccups will often come up, even when you’ve planned everything perfectly. But when you need some extra cash, can you dip into your term deposit before the maturity date?
Choosing the right interest payment schedule for your term deposit can significantly impact your savings strategy. Term deposit providers usually offer options, including monthly payments, annual payouts, or a lump sum at maturity. Understanding which of these choices is important as they can affect the total interest earned.
If you’re considering a term deposit as a savings strategy, you probably want to earn high interest for your lump sum savings and invest in a secure and safe manner.
You’ve done the hard work of saving and squirrelling away every spare dollar, decided a term deposit is the best place to park your money and now you can kick back and forget about it, right? Wrong!
Term deposits are great if you’re a saver looking for predictability and stability when it comes to your hard-earned money. But is going long term with one of these accounts the kind of thing that you should be signing up for? Let’s have a look.
One of the great things about a term deposit is that it’s not only a low risk way to earn a return on your savings, but also a pretty low maintenance one. That doesn’t mean there aren’t some great tricks to making your term deposit work harder for your money - but it does mean that opening a term deposit is a pretty stress-free process.
Thinking about putting your money in a term deposit? While these accounts can offer stability through fixed rate, they also come with certain limitations. It’s a good idea to get a well-rounded picture of term deposits. By looking at both the pros and cons, you can get an idea if a term deposit will work for you or not.
So you’ve decided a term deposit is the best place for that nice Christmas bonus, or the nest egg you’ve been working on, but now the question is, where do you go to get one? The answer might seem easy - the bank, of course - but there are heaps of options when it comes to choosing where you want to open a term deposit.
If you’ve picked a term deposit to be your savings strategy, then the next big question is: how long do you want to lock your hard earned cash away?
A term deposit is a fixed interest savings product that lets you invest your money for a set period and with a set maturity date.
Are you looking for a place to stash your cash besides a savings account? A term deposit is another popular option that lets you lock your cash up for an agreed time, leaving it inaccessible until the term ends. In return, you get the security of a fixed rate, so you know exactly what interest you’ll have when you eventually can reclaim the funds.
So you’ve decided to lock your funds away in a term deposit to grow. Good for you! By this point, you probably already know what a term deposit is: a stable, long-term savings strategy that can help you maximise the size of your rainy day fund with minimal effort on your part.
Before you decide that a term deposit is for you, it’s worth considering what kind you want to keep your funds in. Whether you're a short-term saver or a long-term investor, there's likely a term deposit option that fits your needs.
It's a question you may have asked yourself a few times: should I get a term deposit or savings account? The real answer is that it really depends on your situation as both have advantages and disadvantages in different areas.
Here are some tips from the mozo team for getting the best value from your term deposit
Stay tuned for updates and exclusives from the front line of the term deposit war.
Tax time is upon us, and for many Aussies, it's an opportunity to make the most of the money coming back to you. Whether you’re receiving a sizable chunk or just a modest return, there are clever and easy ways to maximise your tax refund and set yourself up for financial success.
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With rates still high but possible cuts at the start of next year, savers will have to make a choice between short and long term interest rates.
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Term deposits have reached some great levels in recent months. But, while it can be tempting to lock your savings away for some time, it’s possible that you can miss out on some rates that are actually highest in the short term.
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MyState Bank has upped the interest rate of its 7 month term deposit rate by 1.50% p.a today to 5.00% p.a.
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