![]() ![]() The longer the term you’re prepared to lock away your savings for, the higher the interest rate you’ll be able to achieve. Therefore, it makes sense to lock away as large a chunk of your savings as you can comfortably afford. Institutions also typically offer higher rates for larger deposits. The more money you have invested, the more interest you’ll earn and the faster your savings will grow. Therefore, the best place to find great interest rates is usually with smaller institutions and those who only operate online. This is because they’re under less pressure to make profits for their shareholders, unlike bigger banks. In general, you’ll find the best short term deposit rates are offered by the smaller banks and online financial institutions. Look at the smaller financial institutions Getting the best interest rate for your short term deposit depends on several factors:
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