Sometimes worth having it in a higher interest savings account rather than term deposit, depending on what interest rates you can get, most of the time the internet high interest accounts are better.

Found a good term deposit calculator which has helped.

Christmas club idea sounds good. Will see which banks still do them – thanks.

For kids? Mine had accounts with the Commonwealth when they were kids. They don’t charge any fees, reward you if you deposit and don’t with draw and ours was through the school so it was easy to make regular deposits

I would do some comparisons on term deposit accounts and go from there. A friend of mine found her Christmas account was more of a better deal than a term deposit so check your own bank and perhaps a couple more . Maybe for existing customers , there are better deals so check that too .