This is great if you get a hike, but any cuts will mean your savings are bringing in a lot less than you might have planned for.Īlternatively, a term deposit gives you a fixed interest rate for the term. However, the variable nature means that any time the RBA decides to hike or cut the cash rate, the interest on your savings account will also change. Fixed interest vs variableĬalculating the return on your savings account can be a great way of seeing how much your cash is yielding. While not as widely used as savings accounts, term deposits offer their own set of quirks that can make them a valuable tool in your savings belt. You might not realise it but savings accounts aren’t the only tool in our financial belt. As the year comes to a close and we reflect, some of us might be thinking about how we might better go about achieving our savings goals.
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