Term deposits that range from six to 12 months tend to be the best products to have, it has been suggested.
More savers are turning to term deposits, so it is a good idea to check out the best rates.
This is the suggestion from John Kavanagh, who stated the best deals to have on these products are ones that tend to range from six months to 12 months, the Sydney Morning Herald reports.
He noted a lot of deposit-takers will offer more than six per cent, while rates could be as high as 6.6 per cent.
But Mr Kavanagh warned: "Savers who use short-term deposits tend to allow their deposits to roll over for another term and this is where they can run into trouble."
What's more, he pointed out terms that are offered with a higher interest rate often change on a regular basis.
This could be useful advice for those who are looking to conserve money, while these individuals might also like to look at the rates available on a range of savings accounts.
By Joe Letts
