ANZ unveils new range of term deposits

ANZ's specialist investment firm OnePath has launched a new range of term deposit accounts designed to appeal to cautious investors.

Term deposits have proved a popular product among Aussies with some spare cash recently, as people look to put money aside for a rainy day rather than blow it on spending sprees.

Retail figures for July published by the Australian Bureau of Statistics illustrated this, as turnover in clothing, footwear and personal accessory retailing fell by 4.2 per cent.

Those who want to put money aside for a short period of time may decide on the OnePath's three or six-month term deposits, but for longer stretches there are also one, two, three and five year options available.

Craig Brackenrig, ANZ general manager for superannuation and investments, commented: "Investors are hesitant to invest under current market conditions.

"In this environment investors are risk averse and are looking for secure cash options."

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