Posted on October 01, 2009 by Julie Spaulding

If you have some spare cash lying around during these tough times you are probably luckier than most. With the stock market going down the drain every cent counts, and many people can not survive unless they use some of what they previously considered to be ‘disposable income’. However, what if you are one of the lucky ones and you do have a bit of loose change to store somewhere? Rather than letting those dollars rot away in your transaction account, you might like to consider investing in a term deposit with your bank (check with a financial adviser before taking this up though, obviously!). You could keep your money in there for as short a period of time as one month up to around two or three years, depending on your bank. Depending on a number of factors (length of term, bank or even country) you could get an interest rate up to about 7.00% per annum, which means that if you invest as small an amount as $100 you will get $7 interest per year with a simple interest calculation. Not bad return on loose change that would just be sitting around in your transaction bank account anyway. Happy saving!