Cautious consumers flock to deposit accounts

By Mozo ·

As anxious nail-biting continues in banks across the globe, many Australians have been flocking to store their cash in the best term deposits on the market, new stats show.

The Australian notes that more than $30 billion has been ploughed into term deposits in the last half year, with term deposit interest rates at their highest level in more than 13 years.

It was explained that with loans between banks looking decidedly shaky, many institutions are desperate to attract new depositors and are willing to pay handsomely for the privilege.

Offering savers best term deposits of eight per cent or more is still proving more lucrative than approaching other banks for cash, which are eyeing each other cautiously and charging a high premium for handing money over.

So while banks are sweating, consumers may find that searching around for the best term deposits allows them to take the heat off their own finances.

Elsewhere, news.com.au points out that while volatility is going to be a sure thing for a while to come, term deposits are still providing a shelter in the storm.ADNFCR-1761-ID-18819478-ADNFCR