24 month term deposits
24 month term deposits are popular with investors that are:
- Seeking a short term solution to earn interest on their capital
- In-between properties
- Testing the waters to see if a term deposit is right for them
Best 24 month term deposit rates
24 month term deposit comparison
When choosing the best 24 month term deposit rate it is important to do a comparison of like-for-like offers. Here are some helpful tips to consider when comparing term deposits:
First, you should decide what term you are prepared to lock away your money for. This is typically a 1 month up to a 10 year period depending on what the bank offers.
Next, compare term deposits that offer the same term length. A higher interest rate means you are likely to earn a higher income from the term deposit.
Check to see what happens if you need your money out early. Early withdrawal penalties often apply either in the form of fees or a loss of interest. Check the terms and conditions to ensure you are comfortable with any early exit clauses prior to selecting your term deposit
Interest payment frequency
Many term deposits offer a variety of interest payment options. This includes monthly, quarterly, annually or compounded and paid at maturity or at predefined intervals. This is important if you are wanting to receive a regular income of your capital.
*Rates are updated approximately monthly and are subject to change
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