Why would I use a term deposit?

There are a couple of benefits of term deposits that make them a great way to save:

• Like a normal savings account, they are very secure.
• They help you budget as you’ll know the exact amount of interest you will receive over the period.
• The interest rate won’t change over the agreed period of time.
• You’ll often get a higher interest rate than regular savings and transaction accounts.
• You can’t touch your money for the duration of the term deposit.
• No matter what you’re saving for, be it a holiday or a house, a term deposit can be an effective and secure means to grow your money.