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Where should I park money in the short-term?

I have recently received around $100,000 from an inheritance and just want to park the money until I go to a financial adviser. What are the best rates for say three months to a year?

According to Rate City, the best three-month fixed term deposit is the Bank of Cypress at 6.3 per cent and next is Laiki Bank at 6 per cent. If you want a more well-known bank, Macquarie has a 5.7 per cent rate. For a year, U-Bank has a 6.61 per cent rate and the Greater Building Society is offering 6.4 per cent.

The likes of Westpac have rates around 6.1 per cent. I suggest you do a fair bit of research and remember, the Federal Government is backing bank deposits at the moment but don’t take risks if you don’t feel comfortable with the institution.

Also if you’re going to an adviser, be careful of not locking up your money too long in case your eventual financial plan requires you to put some of your money into shares or property.

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.

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

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Published on: Tuesday, December 07, 2010

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