Guide to term deposits

Term deposits involve all the fun of saving and self-denial, with no 'bugger that, I'm going on a splurge' downside. Sign me up for a wild financial ride, you say? Let's just run through some term deposit tips and tricks to get you the best account with the highest savings interest.

How and when do you pay tax on term deposit interest?

How and when do you pay tax on term deposit interest?

A term deposit is one of the easiest and safest ways to invest your savings. Simply nominate an amount of money and how long you'd like to lock it away for and by the end of that period a nice stack of interest will be waiting for you. But do you have to pay tax on that interest? And if so, when does it have to be paid? If you've been thinking about signing up for a term deposit, we've answered some commonly asked questions.

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Can you withdraw a term deposit before maturity?

Can you withdraw a term deposit before maturity?

For anyone who’s looking to grow their savings, term deposits can be a risk-free and reliable option. Nominate an amount of money and how long you’d like to lock it away and a nice stack of interest will be waiting for you once that time is up.

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Your guide to term deposit rates

Your guide to term deposit rates

If you’re considering a term deposit as a savings strategy, you’re probably most concerned with how much interest you’ll be able to squeeze out of your rainy day fund. And that depends largely on what interest rate you manage to snag.

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Term deposit tricks and tips

Term deposit tricks and tips

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!

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Long term deposits

Long term deposits

Are you a serial monogamist? Don’t have a problem going in for the long haul and making a serious commitment? Well then, apply that to your savings strategy with a long term deposit, for a low-risk way to earn a return on your rainy day fund.

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What do you need for a term deposit?

What do you need for a term deposit?

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.

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Bank term deposits guide

Bank term deposits guide

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.

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Short term deposits

Short term deposits

If you want to commit your money to a term deposit but you’re not quite ready to lock it away for the next few years, then a short term deposit might just be the solution you’re looking for. It's still low-risk and a stable way of earning a return on your savings, but without the commitment of not touching your funds for years on end.

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What are term deposits?

What are term deposits?

Are you looking for a place to stash your cash that will earn you high returns and protect you against rate movements in the market? Then a term deposit could be just for you!

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Term deposit features

Term deposit features

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.

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Types of Term Deposits

Types of Term Deposits

Before you make the decision that a term deposit is for you, it’s worth comparing not only the interest rates and deals on offer, but also the type of term deposits available, so you can find one to suit your budget and lifestyle.

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Term deposit news

Stay tuned for updates and exclusives from the front line of the term deposit war.

 Term deposits: What does your commitment earn you?

Term deposits: What does your commitment earn you?

Interest rates haven’t been all that rosey for savers in 2020. Whether you store your cash in a term deposit or savings account, economic uncertainty has led to consistent cuts across the board. The traditional approach to this kind of instability would be to bet on a term deposit. This option provides a fixed rate for as long as you set the term, helping you avoid rate reductions (and increases, on the negative flipside).The catch is you’ve got to get while the gettin's good. Right now, what you’ll get for an average one-year term deposit is 0.79% interest rate, according to Mozo’s database. Compared to 2014’s one-year term average of 3.41%, that interest rate doesn’t feel quite so good.Unfortunately, things really don’t pick up if you’re willing to stick it out for a longer term. As you can see in the graph below, savers were once upon a time incentivised with a higher rate to keep their cash locked up for longer periods.

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 October snapshot: Could term deposits be a safe bet as interest rates fall?

October snapshot: Could term deposits be a safe bet as interest rates fall?

As predicted, cuts to term deposit interest rates started to slow down in September. Mozo recorded more cuts to savings rates than to term deposits last month. But with talk of a possible rate cut at the next Reserve Bank monthly meeting, there may yet be more reductions to come. So if you’re looking to lock away some cash before rates plummet any further, now is the time to get switching.

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