TERM DEPOSITS SAVINGS ACCOUNTS

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Term Deposit Savings Accounts are great if you like the security of knowing how much interest you are going to earn and do not need to access your money quickly during the term of the account. As a rule, the longer the term - the higher the rate. They are a fairly low risk investment as you protect yourself from potential future cuts in interest rates. You should, however, ask yourself when you might want your money as there could be withdrawal restrictions associated with this type of account which you should make yourself aware of. See below a list of Term Deposit Savings Account providers for you to compare. Which Way To Pay gives you information on features, terms and withdrawal access. Click 'More' for more information or to make an application online.

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Why should you Save for the future?

People put money away for any number of reasons. You might want to save for something in specific like a house, car, a holiday or wedding, your children’s future. It could be that you want to put some money way so you are covered should anything unexpected happen like you lose your job or need to pay for emergency home or car repairs.

If you want to put money aside then a savings account is where you can safely put your money, where it will earn interest over time. Savings accounts are bank accounts that people use, first and foremost, for keeping excess money safe. Savings accounts are a really easy way of growing your personal fortune and there is little risk involved.

What is a Savings Account?

Standard savings accounts are a really good method of saving for the future. In some circumstances the money you save builds up interest and the interest rates will be the main focus when considering a savings account. Savings accounts are designed to hold the money that you do not need immediate access to; these accounts will have higher interest rates.

You should make sure that you understand the restrictions of the account. In terms of disadvantages you may be charged for withdrawing money but in most cases you can withdraw money from a standard savings account at any time.

What are Term Deposit Savings Accounts?

Term Deposit Savings Accounts are designed for those who want to know exactly how much interest they are going to earn and for those who do not need access to the money during the term of the account. The interest rate is guaranteed and will not change throughout the term of the investment. Most term deposit accounts allow you to consider whether you want the interest paid monthly or annually and also how you want to have your interest paid. These accounts are flexible because you can chose the time period which is best for you which can be anything from one month to five years and you are also offered a variety of reinvestment options.

In most circumstances withdrawals or additional deposits will not be permitted but you can hold more than one term deposit at anytime. Try to avoid accessing your money as you could lose the high interest rate. Usually, the longer the term set the higher the interest rate, so for short term investments these types of savings accounts may not be the best option.

Is this type of account suitable for me?

Before you commit your money to this type of account and a provider you must ensure that this is suitable for you. If you will need access to your funds then you should take a step back and really think about the type of account you should be applying for. If you are in any doubt then you should seek independent financial advice.

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