![]() managed funds) that seem similar to what a term deposit offers, but these are much higher risk, ASIC warns. ![]() There may also be legitimate investment products (e.g. The Australian Securities and Investments Commission (ASIC) warns that there are cases where scammers advertise fake investments as being ‘like a term deposit’ with ‘guaranteed high returns’. You should also make sure that the product you’re investing in is in fact a term deposit. If you are investing a large amount, consider discussing your options with a financial advisor first. ![]() If you have more than $250,000 to invest, you could spread your savings across multiple term deposit providers covered by the scheme to ensure you are protected. That means no matter what happens to a bank, each customer with a term deposit will be protected up to $250,000. Money saved in a term deposit with an authorised deposit-taking institution (ADI) is guaranteed by the Australian Government’s Financial Claim Scheme, up to a value of $250,000 per person per bank.
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