High Interest Term Deposits
High interest rate term deposits are an important part of choosing the right term deposit for your investment needs. But what’s also just as important as high interest rates term deposits, is judging the best term to deposit to lock your money into.
When you are searching through hundreds of RateCity term deposit accounts, it's easy to get excited by the high interest term deposits rates offered for longer period terms. But longer terms are not necessarily always the best solution to achieve the most return for high interest rate term deposits and that’s because interest rates could increase further. If interest rates rise after you have locked your money away that could mean your investment might be less than what is currently advertised. For example, if you locked your money away into a six-month term deposit account with an interest rate of 5 percent but interest rates increased by 0.5 percent in the following two months, your financial institution may now be advertising its six-month term deposit account at 5.5 percent but you are stuck with 5 percent.
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