*US election commentary by Cashwerkz Director, Craig Swanger Irrespective of the ultimate winner, we are in for some very volatile…
Written by Matt Kirk Published: November 4 2020 General
How much money do you have deposited in an everyday bank account earning low interest? We all need funds on call but many of us have more than necessary in these accounts.
This “cash drag” is expensive. Term deposits are an alternative interest earning solution for your hard earned savings. A term deposit allows you to invest your funds for a set period of time with an agreed rate of interest paid to you at maturity. You can choose the length of your term deposit and the bank you invest with.
An estimated $8.9 billion a year is foregone in interest by investors failing to switch term deposits at maturity – and that’s just one sector of the investment market.
Those funds are lost to investors who allow maturing term deposits to roll over without researching if there is an alternative rate. It hasn’t always been easy to invest in term deposits – you can visit bank websites and explore their offers however switching between banks can be time consuming and often involves tedious paperwork.
Cashwerkz provides a secure and simple solution. The online platform enables investors to access a range of rates from various Australian banks and financial institutions in one place and seamlessly roll over their term deposits at maturity. The best part is the paperwork is taken care of for you and identity verification is streamlined. This makes any further transactions quick and easy. And, the platform provides you with full control of your money and transparency when transferring between banks.
Term deposits provide a secure and stable return on investments. This is becoming increasingly important in a vulnerable market where interest rates are at record low.
Register with Cashwerkz to select, invest and mange your defensive assets and make your money work harder for you.