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Fixed Term Deposits
When you compare term deposit accounts, you will notice that they are all fixed term deposits. This is the big difference between term deposit accounts and other deposit accounts such as an online savings accounts. Fixed term deposits have a fixed interest rate for a set period of time so the rate you open the account with at the start of the term is the same rate you receive interest for throughout the whole term.
The important thing to remember when comparing fixed term deposits include choosing how long you want to lock your money away. This is important for several reasons including the fact that if you need access to use your money before the end of the term and want to withdraw it, you are likely to be lumped with a fee. This could make opening your term deposit not worthwhile to begin with as all of the money you made in interest could end up going towards this break fee. And secondly, if interest rates are on the rise and you lock in your money at today’s high interest rate for a particular term, you could potentially miss out on a higher interest rate tomorrow when rates rise.
Refer to the table above for a list of fixed term deposits