Another perk of using a bank for your term deposit is that the bank will more likely offer a greater range of other financial products. While all Australian Deposit Institutions (ADIs) are backed by the Australian government financial claims scheme, you're typically afforded greater security when banking with a well-established big bank. Larger financial institutions carry less risk of going under than newer banks, such as neobanks. Here are some benefits of bank term deposits:
However, many Aussies make the choice to deposit their savings with a bank for stability, safety and reliability. When choosing the best term deposit for your financial situation, one question you may face is what type of provider should I use?Īs mentioned above, there are a range of financial institutions that offer term deposits.
