Bank Term DepositsNeed some help? Checkout our Term Deposits Guide
Bank Term Deposits
Bank term deposits are an investment option offerd by banks only. They exclude term deposits from credit unions and building societies (non-banks) and are quite safe compared with other types of investments such as shares or property. Like any term deposit accounts from financial institutions, bank term deposits compete for your savings to lock them away for a period of time. The terms for term deposits usually range anywhere from three to 12 months, then in periods from 18 months up to five year terms.
When you compare term deposit accounts on RateCity, check out bank term deposits and compare them to non-bank term deposits. You could find that there will be a difference in interest rates and that means that you will miss out on what your investment can potentially earn if you don’t compare them to all financial institutions.
But if you prefer bank term deposits over non-banks, what you can do is compare term deposit accounts online at RateCity, print out your list of our best deals and take them to the bank of preference. There is a chance that they will match their competitors which means you get the bank you want for the interest rate you deserve.
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Consider whether this general financial advice is right for your personal circumstances. You may need financial advice from a qualified adviser. Read our detailed disclosure here.
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