Flexible Term Deposit

No a flexible term deposit is not a contradiction in terms, but could in fact be just the financial product you have been looking for. Term deposit accounts are no longer just a set and forget investment and if you want to have choice, flexibility and involvement in your investment then you can because you can choose to adjust just about every variable of a term deposit account until it suits your needs and with this flexibility comes an investment option which will help you meet your savings goals, or even build up your investment profile.

Where Are Term Deposit Accounts Flexible?

You may still be feeling a little daunted about a term deposit investment account, however term deposits can be adjusted and tailored to your financial needs until you feel comfortable, which means that you can enjoy the benefits of a term deposit account, in knowing what your returns will be from the start, and being guaranteed those returns while your money is safe.

Flexible term deposit choices:

• You can invest in a term which is as long or short as you like. You don’t have to be worried about being locked into a term deposit for years on end if you don’t want to be. Instead you can generally choose a term deposit investment for anywhere between one month and five years which means you can invest for just a month or two to get a feel for the account, before reinvesting your principal and your returns for longer the next time to earn a higher interest rate.
• You can invest any amount you’re able. Some term deposit accounts still enforce a minimum opening balance amount, and others will offer you a higher interest rate if you invest a larger amount. However there are many term deposit providers who will allow you to invest whatever amount you choose and will offer you the same service and advice whether you’re investing $1,000 or $100,000.
• You can choose when your interest is paid. When you invest for longer than 12 months you can choose when your interest is paid to you. Usually you have the choice of monthly, quarterly, six monthly or yearly returns so you can use your term deposit interest to supplement your income, or you can redirect that interest into another investment.
• You can reinvest all, part or none of your term deposit. As the end of your term approaches your provider will ask you what you want to do with your investment. You can choose to have your returns paid out and reinvest the principal in the same term deposit account, you can choose to reinvest both the principal and the interest earned in a new term deposit or you can have both paid out at the end of the term and decide which is the next investment path you will take. Many term deposit providers will even give you a cooling off period after the end of the term to allow you to make a decision, while streamlining the process as though your term just ended.

Term Deposit	1 Month	3 Month	4 Month	6 Month	12 Month	24 Month	36 Month	60 Month	Min Deposit
Suncorp eOptions flexiRates	4.25%	5.50%	5.70%	6.15%	6.35%		7.25%		$0

Why Choose a Flexible Term Deposit?

The choices you make with your term deposit account can affect the interest rate you earn on your investment. For example, the more you invest the higher the interest rate you can earn, the shorter the term you choose to invest for, the lower the interest rate you will earn. However, a flexible term deposit account may suit you if:

• You need flexibility in your finances but still want your savings to grow. You may have a rocky financial history and you know your saving and spending habits well enough to know that you are likely to need access to your investment funds in case of an emergency. Or perhaps your current situation is unpredictable because of a family crisis or a new business venture, but you still want to maintain financial control over your investments; whatever the reason that you need flexibility in your investments, you can choose a term for your term deposit which allows your savings, no matter how big or small, to earn interest, while you know you will have access to them again if you need them in the near future.
• You’re unsure what to do with your funds. If you have built up a balance in your savings account or perhaps you’ve just received a return from another investment you may choose flexible term deposit options while you decide what to do with those funds. You may have been saving for a particular purchase but still need to do a little research; well it doesn’t matter where your funds have come from, you can choose from a range of flexible term deposit options to help you keep them safe while you take your time to make the right decision.
• Term deposit interest rates are very competitive. If you are investing just a small amount or want to invest for just a few months, the interest rates offered on term deposit accounts can still often rival those offered on high interest savings accounts. Plus, where high interest savings accounts claim flexibility as one of their main features, you can choose a flexible term deposit option to suit your needs and boost your investment returns too.

A flexible term deposit may mean you earn a slightly lower interest rate, but the most important factor when choosing any financial product is to be sure that it meets all of your needs. A term deposit account which offers you a great interest rate but inflexible terms or interest payments is not the best choice for you, but to find a flexible term deposit account which will meet your needs, use the Savings Account Finder comparison tables here. Once you’ve found a term deposit account with the choices you need, you can follow our secure links to the provider website and start your application process right now.