Question

difference between term deposite and saving account

Answer 1

Savings Account
Online savings accounts offer high interest rates.
Access to your money whenever you like.
Can make payments at any given time, building up t amount of interest you earn.
No minimum amount required to open the account.
Interest rates can fall and the introductory high inter rate is only for a short term.
With easy access to your money savings goals may be met.
There’s no human contact with online savings accomodation.
Some types of savings accounts require monthly deposits to be made.
Term Deposit.
A fixed term deposit gives you a guaranteed interest .
If the Reserve Bank drops interest rates there’s no impact on your term deposit.
As tempting as it may be, you can’t access your savings until the term has matured.
Savings goals are achievable as you can plan exactly how much you’ll earn over the term of the deposit.

You can’t access your money until the term has matured.
Unable to make additional payments – learn more about term deposit features.
If interest rates rise, you might find that generous te deposit rate doesn't look as impressive two years d the track.
Minimum deposit required starting from around $10.
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