Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

If I have sufficient money sitting around in regular bank accounts, is it a good idea to spread my term deposits amongst a number of banks?

April 26, 2017bank accounts deposits good IDEA money regular sitting spread sufficient term

0

Posted

If I have sufficient money sitting around in regular bank accounts, is it a good idea to spread my term deposits amongst a number of banks?

1 Answer

0

Posted

Not necessarily. Often the larger the amount of money you put into a term deposit, the higher the interest rate paid by the bank, so sometimes it is better to consolidate your term deposits into one account and so qualify for the rewards of higher interest payments.