Why would you choose to have a term deposit?
Think of it like a piggy bank that pays interest. It’s the ideal way to put money away for a rainy day or to help you save for that bigger dream – be it a house, a holiday, or a Harley Davidson.
Are you the kind of person who has good savings intentions, but ends up dipping into your savings account and turning it into your spendings? You’re not alone. And a term deposit could be a great savings solution for you.
For the term period you set, you don’t touch that money. It’s all about setting some practical rules (your term) around your money, with the reward for your savings efforts being the interest you get paid out at the end.