Term Deposits

Q and A

  Q. Do you get a better rate with a term deposit ?

A. Yes, you more often than not will get a much better rate when you invest in a term deposit. This is because you are making a commitment to give the bank a certain amount of money for a designated period of time. Sometimes you can get a comparable rate, or an even better rate with a rewards saver account, so check out all the options.

  Q. How safe are they ?

A. They are really as safe as any other account, and usually come with some sort of insurance. Remember they are still an account, it's not like your investing in shares. Australian banks, especially the main four, are all very secure and unlikely to have any major financial problems.

  Q. Can you stop them if you really need the money ?

A. Yes you can and it is very easy, the only problem is you will not obtain the same high rate of interest, so if you can try not to break the contract that is ideal.


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