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Is now the time to lock some money in a term deposit?
The decision to put some money away in a term deposit should factor in the overall economic outlook. Right now, most predictions centre on inflation.
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RBA cash rate hikes a winner for term deposit holders
With interest rates the highest they've been since 2012, term deposits are back with a roar and proving to be one of the easiest and most secure ways for Aussies to get a decent return on their money. Yet a large proportion of people (48%) have never heard of them, or if they have, ever considered getting one.A recent Mozo survey* found that only 7% of people are currently a term deposit customer despite the fact that interest rates on term deposits can be almost 4 times higher than the average ongoing non-conditional rate of a savings account, which is currently sitting at a miserly 1.30%^.Peter Marshall, Mozo’s banking expert, says that the idea that term deposits are an outdated savings option is completely false. He points out that many term deposits are less restrictive than high interest savings accounts, are easy to set up and manage 100% online and can be fine-tuned to meet your savings goals.“One of the biggest added benefits of a term deposit is that you are guaranteed a fixed rate of return,” he said. “Savings account rates are variable and while this can work in your favour, there are often a lot of hoops to jump through if you want to get the maximum rate and this isn’t always easy. ” So if you are considering where to park your cash, it might be a good time to reconsider taking out a term deposit. Here are the Mozo money editor’s top picks for this month.
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Judo Bank: the bank you’ve never heard of that’s hitting term deposits out of the park
It’s one of the smaller term deposit providers on the block, but Judo Bank certainly isn’t content with just blending in. This banking provider has consistently placed among the top five spots of term deposit providers we track.
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How are term deposits rates doing in January ?
In bad news for savers, term deposit rates in the 5% range are no longer as common for longer terms. Generally speaking, rates on terms at 1 year or under look better at present. This can work if you’re happy to lock your cash up for just a short while.
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CommBank, NAB, Westpac or ANZ - how do the big 4 term deposits compare?
Are you feeling the squeeze from continually high expenses? A term deposit could be your financial fortress, offering a way to lock your cash up with a high interest rate while it lasts.
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Lock in savings: How term deposits can fund your Christmas gifts in 2025
Saving for Christmas can sometimes feel like a last-minute scramble, but what if you could start now and take all the stress out of gift-giving in 2025? Term deposits are a reliable, under-utilised tool that can help you save effectively and make your money work harder. While they’ve been overshadowed by savings accounts and everyday transaction accounts, term deposits offer unique advantages for goal-specific savings like your festive spending.
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Why now could be the right time to lock in a term deposit
If you’ve got some savings that you want to put aside for a rainy day, now might be a good time to consider a term deposit.
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Commbank drops term deposit rates after 2.7% inflation figure posted
After the RBA announced yet another hold in the cash rate on Tuesday, Commbank has cut most of its term deposit rates by 10-15 basis points from 4 months up to 5 years, while only increasing its 1-year rate by 35 basis points.
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Why term deposit rates have taken a tumble
Term deposit interest rates are being cut at a noteworthy level this month and the question for would-be savers surely is, why?
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6 Clever ways to maximise your tax refund
Tax time is upon us, and for many Aussies, it's an opportunity to make the most of the money coming back to you. Whether you’re receiving a sizable chunk or just a modest return, there are clever and easy ways to maximise your tax refund and set yourself up for financial success.
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