Difference between a term deposit account and a high interest savings account?

PuppyLove asked:


I currently have a high interest savings account with an interest rate of 4.75%
So lately i have been looking at term deposit accounts, but i literally cant find one which has a higher interest rate than the account i have now.

I know how it all works, you cant touch the money for a set period etc.

But what are the benefits when i could just keep my high interest savings account which has a higher interest rate and i can access my money?

Thanks!

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