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Most households will probably have at least one transaction account for everyday expenses – withdrawing cash, writing checks and using the ATM. While they offer convenience, transaction accounts also charge higher fees.
Therefore, families with surplus cash or who wish to boost their savings should look into putting their money in bank accounts that yield high interest. Here’s a quick look at some of them.
Fixed Term Deposits
Term deposits can be fixed for various durations, from as short as seven days to as long as five years, depending on the depositor’s requirements and eligibility. Generally, the longer the term and the more money invested, the higher the interest rate. Term deposits are especially useful when interest rates are high as the fixed rate will protect the savings against possible lower interest rates in the future. However, a penalty will be charged if the money is withdrawn before the term is up.
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