Recently, term deposit providers have turned away from higher interest rates for longer terms and instead are focused on shorter term rates. Unfortunately, this also means that rates in the 5% range are no longer really on offer for long term deposits. So, if you’re looking to lock your cash up for a short while, then some of the current term deposit rates could be worth considering.
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Feeling the squeeze from rising 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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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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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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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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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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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sitting at a miserly 1.30%^.Peter Marshall, Mozo’s banking expert, says that the idea that term deposits are an outdated savings option is completely false.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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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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With rates still high but possible cuts at the start of next year, savers will have to make a choice between short and long term interest rates.
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Term deposits have reached some great levels in recent months. But, while it can be tempting to lock your savings away for some time, it’s possible that you can miss out on some rates that are actually highest in the short term.
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