The Benefits Of Fixed Rate Saving With Term Deposits

When considering whether to start saving using term deposits, the interest you get is an important feature to factor into the decision-making process. It not only adds to the principal amount you will have saved but helps to cancel the effect of inflation on your account.

If you are going to save a lump-sum or save for a prolonged period, you need to ensure you’re aware of the benefits of fixed rate saving through the use of term deposits.

Continue reading below to learn more about what to expect when choosing a fixed rate.

It’s A Low-Risk Investment

There are times that you need to invest your money because you do not need to use it now. In such cases, you may not be keen on earning a huge interest with a risk of losing most or all of your investment. If that is your current circumstance but you still need to earn a reasonable amount of interest, then invest in a savings account that will give you fixed interest.

The fixed interest will mean that you get a guaranteed return on your savings, but still not have to worry about not being able to access your lump sum or savings. Other investments such as stocks may have a higher return but the risk is much greater. In fact, you may lose everything in the next minute after your investment has been affected.

Your Funds Are Secure

If you need a secure place to invest your money, a savings account that offers you a fixed rate is one of the best places to start. The bank simply guarantees that you will get your money back, plus some interest that will not be altered because if there’s a change in inflation rates.

That makes it ideal for saving for college or a down payment for a new home. You may also use that strategy to save for a new business since you are assured that your savings plan will not be impacted upon.

No Maintenance Fees

Account maintenance fees are some of the ways that you lose your earning in the banking system. You do not need to part with these fees if you are focused on making deposits for a prolonged period. However, you will be penalised if you try to make an early withdrawal from your account. The penalty comes in form of a reduced interest and you have to give 31 days notice to your bank.

No Account Setup Fees

Most regular bank accounts will charge you some form of setup fee to cater for the time their staff will spend managing your account. When you have a fixed amount of money you wish to save the last thing you need is to lose some of it through account fees. Thankfully, you can avoid them by opening a fixed rate interest account that you can only access after the maturity period.

Fixed Terms

Some of the challenges you may encounter when trying to invest your money are the terms of the investment. The small print will usually give your investment partner some leeway to change terms at their discretion. For you, that means losing profits that you had already factored into your financial plans.

A fixed rate savings account will not give you any of those problems. You will get the exact returns that were agreed upon when you made your deposit. If you do not want to deal with surprises after you have made your commitment to saving money, go for a fixed rate.

You Simply Get Peace Of Mind

When you choose a fixed rate savings plan, you get what you agreed upon when the maturity term expires. Moreover, after your term deposit has rolled over, you will have seven days during which there is no penalty for ending the saving agreement. With all these advantages, you have every reason to go for a fixed rate account and set your savings plan in motion today.

The Highest Paid Jobs You Can Only Get With A Degree

Since university application numbers have risen and having a degree is becoming more common, people have started to question just how valuable it is. The argument goes, if everybody has a degree these days it doesn’t really put you at an advantage. Employers are also worried about the fact that graduates don’t have any real job experience. That’s why a lot of people believe that it’s better to go straight into work and progress during the years you’d normally spend at university, ultimately ending up in the same place as a graduate with the benefit of 3 years wages behind you and none of the debt that your university-going peers have to deal with. It’s a logical argument and in some cases, it’s true.

However, there are a lot of positions that you simply can’t get unless you’ve got a relevant degree. A lot of those jobs are also incredibly well-paid and you wouldn’t be able to get there without going to university. As a general rule, getting a degree is worth it if you absolutely need that degree to get the job you want. If you don’t necessarily need a degree, you could consider going straight into work but it’s still better to get that qualification a lot of the time. If you’re still not convinced by the value of a degree, check out this list of the highest paying jobs that you need a university degree for.

Petroleum Engineers

For now, we’re still using petroleum products to provide a huge chunk of the power that we use. As reserves become more and more scarce, the job of a petroleum engineer is becoming more important. They help to identify oil reserves and develop cheaper and safer ways to extract it from the earth. There are a few different roles you might take as a petroleum engineer; reservoir engineers analyze the landscape and decide on the best way to extract the oil; drilling engineers design and oversee the drilling equipment itself and production engineers manage the operation as a whole, making sure that it’s safe and cost effective. Your average salary as a petroleum engineer is likely to be between $102,000 and $176,000. The only thing to remember is that we are moving away from oil as a fuel source so in the next few decades, the amount of work may start to dry up. Having said that, you can still move into a new role in green energy when that happens.

Pilots

Being a pilot is one of the most exciting jobs you can have. Travelling around the world and visiting a new country every single day, and getting paid for it at the same time sounds like a pretty sweet deal. If you think so, you’ll have to do aviation courses to get qualified. As a pilot, your work schedule will be fairly irregular and you’ll be spending a lot of time away from home so if you’ve got a family, it might not be the best fit for you. But all of those sacrifices are made worth it because you’ll be getting paid around $130,000 a year.

Aerospace Engineer

If you don’t fancy flying the planes but you’d like to help build and maintain them instead, why not consider a career in aerospace engineering? Aerospace engineers deal with all sorts of products, not just planes. You could help build satellites, military aircraft or even rockets. Every single component takes a huge amount of work so you’ll be a part of a large team of engineers all working on one aircraft. You can also specialize in repairs and maintenance as well, making sure that aircraft is safe to fly again. The average salary for an aerospace engineer ranges from $64,000 to $100,000 depending on which area you work on. The more complex areas like spacecraft will naturally pay more but you’ll need a lot more experience before you can get there.

Economists

The economy is a volatile and often unpredictable beast and if it crashes, it can leave a lot of people in serious trouble. Trying to maintain the economy and avoid any financial disasters is a tough job and you need people that can attempt to predict how it will respond to certain factors, that’s where economists come in. Economists are employed by all sorts of agencies including governments, banks, nonprofits and all sorts of other businesses. You’ve got a good choice of industries to work in and you’ll bring in somewhere between $51,000 and $97,000 depending which area you work in.

You can only land these jobs if you’ve got a degree so it’s worth considering before you write them off completely.