Term Deposit

I currently have a high interest savings account with an interest rate of 4.75%
So lately I have examined the accounts of deposits, but I literally cannot find one that has an interest rate higher than the account I have now.

I know how all this works, you can not touch the money for a given period, etc.

But what are the advantages when I could keep my high interest savings account that has a higher interest rate and I can access my money?

Thank you!

People often use the term deposits do not have access, they would prefer that it be encompassed. For many people, no access is an advantage because they will not be tempted to touch it. Savings accounts are at hand if you think you might need, and in the current financial climate people are preferring to keep their money while still earning interest available.

In addition, high interest savings accounts are not locked into an interest rate, they are variable. So, if last year someone had locked their money in a term deposit 24 months, when the rate rose to 8% (in Australia) they would be in a good position today because the rate of interest is now so low it is nearly half what it was.

Term deposits are investment, high interest savings accounts are convenient, but, but long term, especially in a volatile financial environment.