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.
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.
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.
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.
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.
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.
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 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.
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 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.
In light of the avalanche of rate cuts over the past year, term deposits have become an increasingly attractive option to savers wanting more certainty over their interest earnings.If you’re one such Australian and you’re eager to secure a competitive rate over the next few months or years, Mozo has some exciting news. Today we revealed the best term deposits for this year in the 2021 Mozo Experts Choice Awards. As part of these awards, Mozo’s expert judges analysed 73 term deposits across a range of investment terms from one month up to five years, in order to determine the best of the bunch. Neobank Judo Bank was a standout winner, taking home a Mozo Experts Choice Award for best Term Deposit for the second year in a row. It carries this dual honor alongside customer-owned banks like UniBank, Firefighters Mutual Bank and Teachers Mutual bank.