Rates of interest on term deposits can vary dramatically and will depend on the amount invested, the period invested for and the financial institution. That's why it's so important to compare term deposits to ensure you are getting the best rates of interest and ultimately getting the most out of your investment.
The easiest way to do this is by visiting a financial comparison site such as RateCity because we've done all of the hard work for you and compiled hundreds of term deposits for you to compare. It's simple to compare rates of interest at RateCity, all you have to do is enter the deposit amount and term and hit compare!
There are a number of features, aside from rates of interest that should be considered when selecting a term deposit. Some of these may be a roll-over feature or partial withdrawal. Another important feature to consider is the payment frequency, which may be monthly or at maturity for instance. The frequency with which you are paid can have a big impact on your final balance, particularly if your interest is compounded monthly.
A roll-over feature means your fixed term deposit will automatically roll over to a new account with the same term once it reaches maturity if you don't provide other instructions. Most financial institutions will alert you to the date of maturity on your term deposit, so at that point you can reassess your situation.
These features are also available to compare at RateCity, so by shopping at the site you can be confident that you are get a comprehensive search.