Short-term depositsare one option of term deposits available for investors wishing to deposit their money for up to 12 months. Short-term deposits are safe and practical option for investors that have specific savings goals such as saving for a holiday, a car or a wedding and will suit those who don’t want their money tied up for a long period of time.
Common short-term deposits are 30 days (1 month), 60 days (2 months), 90 days (3 months), 120 days (4 months), 180 days (6 months) and 12 months (1 year). Typically the longer the term the higher the interest rate, but this may differ between financial institutions.
The table to the right lists some 90 to 120 day term deposits currently available.