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Are my savings safe?

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I’ve signed up to a bank’s savings account and plan to deposit $1200 a month into it. Is there a safer way to save $7500 quickly?

Accounts that focus on maximising savings generally have pretty good rates of interest and, depending on the fine print, you should get good access to your money.

You might be able to get a higher rate of interest with another bank and I’d stick to well-known banks for safety reasons, as this is an important issue for you. However, you might have to tie up your money in a fixed deposit if you want higher interest rates.

Remember, you’ll have to pay tax on the interest on your savings and that’s why many people try to bump up their interest rate returns. But always understand that if you raise the rate of return, you also raise the risk.

Big deposits with well-known banks are often seen as the safest places to put your money. Best of luck.

For advice you can trust book a complimentary first appointment with Switzer Financial Services today.

Important information: This content has been prepared without taking account of the objectives, financial situation or needs of any particular individual. It does not constitute formal advice. For this reason, any individual should, before acting, consider the appropriateness of the information, having regard to the individual’s objectives, financial situation and needs and, if necessary, seek appropriate professional advice.

Published on: Friday, April 08, 2011

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