Archive for the ‘Term Deposits’ Category

Banking in Australia and Great Britain: A Comparison

Thursday, August 30th, 2012

It’s not unusual for Aussies to shadow the UK’s developments, and in many cases, to learn lessons from them.

Firstly, there was the MPs expenses scandal, which struck the UK back in 2009. This prompted a small probe by Australia’s Daily Telegraph into the practices of Canberra MPs.

But it’s only really struck notoriety in 2012, with the report into MP Craig Thomson and the revelations about credit card misuse by a number of government departments.

There’s also the case of Australian banks. Having witnessed the collapse of Northern Rock in the UK and the considerable bailout afforded to the Royal Bank of Scotland, large Australian banks have kept revenues and profits high.

There will be few who argue against the merits of strong banks, particularly given the fate of European and American counterparts. Many of these are now under investigation for alleged manipulation of the inter-bank lending rate during the inception of the global financial crisis.

But for many, it’s hard to accept the banks’ ability to pull in record profits during a global financial crisis, when many are living on the breadline and trying to negotiate their way through a stuttering economy.

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Term Deposits – Choosing the right savings option

Thursday, May 14th, 2009
Weighing up your savings choices

Weighing up your savings choices

When it comes to investing your money, it is generally true that higher the returns carry the most risk. Most investment options come with some element of risk, but if you don’t mind reducing your possible returns in exchange for a safe investment, consider term deposits.

Term deposits can be found in most bank and credit unions and are designed to provide savers with a guaranteed fixed rate for a fixed length of time. Because your money is locked away for the agreed term with no access provided to your money, these accounts tend to offer higher rates of interest than regular savings accounts. Another main difference between these accounts and your average savings account is that they normally require a high opening balance, so to you will need an initial investment if you wish to  consider this option.

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