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5 high interest savings accounts & term deposits (March 2023 review)

Australian Finance Podcast

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How to Get the Best Rate for Your Term Deposits

The difference between term deposits and bank accounts or savings accounts is that you lock the money away. If you break that, there's typically some sort of penalty. The idea is this money is not money that you're going to need. There are two risks here I want to highlight. When you use a term deposit, one is you lock in the rate now and inflation keeps going higher. It might be worth it if you have a bigger balance.

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