Top tips for term deposits

Top tips for term deposits


Term deposits are an easy and secure way to invest your funds. But it is always a good idea to do your research and shop around first to find the best return before investing.

Although there has been a significant decrease in term deposit rates over the past few years, they remain a popular investment strategy for many savers, due to their safety and reliability. And if you are prepared to shop around or switch providers, it is almost a guarantee that you will achieve excellent returns on your term deposits.

Below are some tips for putting money into a term deposit:

Do your research: try to find an impressive rate instead of simply accepting what’s on offer from your provider. Lower rates mean that those who want a high return need to be switched on about where they’re putting their term deposit.

Look for promotional rates: if you’re prepared to look around and chase a special rate, you might just be able to catch one.

Don’t automatically roll over: always compare what is available both inside and outside of your organisation. You can do this by setting a reminder for yourself just before your term deposit matures to allow time to check for the next best rate.

Be prepared to change terms: if you usually invest for 12 months and find a better promotional rate on an eight-month term deposit, be prepared to make the change to the better rate.

Consider alternatives: if you are tempted by profits elsewhere, such as in the property market or equities, don’t be afraid to consider those options as well to better your investment returns.

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If you believe the matters discussed above are relevant to your business, please contact Darren Smith of our office to discuss further.


Darren is a Chartered Accountant with extensive experience, including working in the big 4 and medium sized firms before becoming a partner of a city based firm in 2000.

He has gained much experience and has extensive knowledge in providing business and taxation advice, superannuation planning, negotiation of sales and acquisitions of businesses and property development. His client base covers a wide range of industry groups.

Darren works with business owners to grow their businesses and create personal wealth within and outside of their business.


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