Term deposit news and advice

All the latest term deposit news and top tips to help you manage your term deposit.

How are term deposits rates doing

How are term deposits rates doing in October?

Recently, term deposit providers have turned away from higher interest rates for longer terms and are instead focusing 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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Rba cash rate hikes a winner for term deposit holders

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sitting at a miserly 1.30%^.Peter Marshall, Mozo’s banking expert, says that the idea that term deposits are an outdated savings option is completely false.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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Articles

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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Are shorter term deposits worth a look right now

Are shorter term deposits worth a look right now?

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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