To make sure you're making the right decision, consider the pros and cons. Locking your savings away for a whole year may seem a little daunting. ![]() Most banks and credit munitions offer 12 month term deposits, so be sure to shop around to ensure you get the best rate possible. However the good news is that if you’re not prepared to lock your money away for more than 12 months, you should still be able to get a reasonable interest rate on a 12 month term deposit. Generally speaking, the longer the term deposit, the higher the interest rate. What interest rates can you get with a 12 month term deposit? If you have a long term savings goal, perhaps for a house or an overseas holiday, a 12 month term deposit is an efficient and easy way to help you get there. With a term deposit, the interest rate is guaranteed as long as you don’t have to access your money before the end of the chosen time period. A year might seem like a long time to lock away your savings but rest assured, if you've done your homework, investing in a 12 month term deposit can be a great way to maximise your wealth.
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