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Term Deposit Tips and Tricks |
Written by Melanie C
Monday, 23 June 2008
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There are many ways in which you can save more money or get higher interest. If you have a mortgage, make use of an offset facility to reduce the interest you pay. While you may be earning 4-5% on your savings, you will be paying heaps more than this on your loan. Therefore, it makes better financial sense to pay off the debt as fast as possible. If there is no offset facility, use the redraw facility instead. The same goes for credit card debt. That has one of the highest interest rates around. Your money is better spent in paying off the debt - or reducing it as much as possible - rather than saving it to earn a paltry amount of interest. When choosing a term deposit, take note of how the interest is calculated and credited. Interest that is calculated daily and credited monthly will earn you much more than that which is calculated monthly and credited annually. When interest is credited that means in is put into your bank account - where it can be earning compound interest. Over time, this will add up to a considerable sum. So even if the actual interest rate is slightly lower, it may be worth a great deal more in the long run. Article Source: http://www.ArticleBlast.com |
About The Author:
Find information on managed investment funds or and other wealth-building opportunities such as term deposit interest from sites such as RaboPlus (http://www.raboplus.com.au).
Find information on managed investment funds or and other wealth-building opportunities such as term deposit interest from sites such as RaboPlus (http://www.raboplus.com.au).
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