Savers should act quickly before the 50 basis point cut by the reserve bank flows through to deposit rates according to the latest data from Mozo’s rate chasers.
Right now, banks are competing aggressively for short term funding, and the best rates are to be found on deposit terms of six months or less.
The top six month term deposit rates are sitting level with the top variable savings account rate of 6%. If you can act quickly, savers who can switch their money within the next few days to a term deposit should be able to lock in a rate of 6% and effectively beat the rate cut for the next six months.
Compare term deposits on Mozo and save!