Financial Control - How to manage your Deposits

These types of accounts provide the lowest risk to your money but it is important to be aware that the potential for long term growth is also low.

Types of deposit accounts:

  • a demand account - offers a variable rate of interest and allows you to withdraw your money immediately if you need it.
  • a notice account - also offers a variable interest rate of interest but you must give notice to withdraw money, say one or more months' notice. In return, you get a better rate of interest.
  • a term or fixed-rate account - you get a fixed rate of interest if you leave your money for a set period of time, say one or two years. If you need to withdraw your money earlier, you will usually get less interest.