However the good news is that if you’re not prepared to lock your money away for more than 12 months, you should still be able to get a reasonable interest rate on a 12 month term deposit. Generally speaking, the longer the term deposit, the higher the interest rate. What interest rates can you get with a 12 month term deposit? If you have a long term savings goal, perhaps for a house or an overseas holiday, a 12 month term deposit is an efficient and easy way to help you get there. With a term deposit, the interest rate is guaranteed as long as you don’t have to access your money before the end of the chosen time period. A year might seem like a long time to lock away your savings but rest assured, if you've done your homework, investing in a 12 month term deposit can be a great way to maximise your wealth.
