Savings accounts for example could have a variable interest rate that can change at any time, affecting the amount of interest you could earn on your savings on the flipside they also give you access to your money at any time rather than locking it away.Īre term deposits a good way to save money? Term deposits are similar to savings accounts, however there are important differences. What’s the difference between a term deposit and a savings account? In return, you’ll get a guaranteed rate of interest, so you’ll know what the return on your money will be from the outset. That means once you’ve put your money into a term deposit, you won’t be able to access it until the term ends. A term deposit works by locking a way a lump sum of money for a set length of time.
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