SOMETIMES it is easy to ignore the obvious, but when it comes to your savings it is not a time to take unnecessary risks.
The obvious is that you want protection. It may be tempting to only chase a high return, but a wise investor will always weigh the return against any risks and then make a decision about where to invest their hard earned cash.
For our grandparents, the good ‘old fashioned’ way to invest was with a Term Deposit. The truth is that a modern Term Deposit is still a first class way to invest money.
Mr René Deen, General Manager at Goulburn Murray Credit Union (GMCU) said, “Lodging a Term Deposit is a good way to deposit your money with a guaranteed return. You choose a term and promise to leave your funds for that time, and in exchange you receive a fixed interest rate.”
To minimise any risk, it is important to look for a financial institution that is government guaranteed. This guarantee is administered by the Australian Prudential Regulation Authority (APRA) under the Financial Claims Scheme.
Mr Deen said, “Just like the major banks, GMCU is regulated by the APRA and our members are protected by the government’s Financial Claim Scheme. The difference is that we are locally owned and are run for our members, not for shareholders.”
To get more information about making a deposit with GMCU you can visit their website gmcu.com.au or call into one of the local branches.