Only nine months ago, the average 2 year term deposit rate offered by the big banks was 3.13%, fast forward to present day and for the same term savers are facing a return of just 2.48%.
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Stashing cash in a term deposit with a high interest rate is known for being a safe way to grow funds, however savers may be disappointed to hear that over the last two months a number of banks have reduced the value of their deposit accounts.
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Westpac has hiked the interest rate attached to one of its short term deposits by 60 basis points, after the same special rate offer only expired around two weeks ago.
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Greater Bank has raised the interest rates on its longer term deposits by up to 50 basis points, in a move set to give eligible Aussie savers the highest TD returns in the market.
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According to Mozo data, term deposit rate cuts have become the norm after 22 providers reduced rates across a range of terms this month.
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Always the rate chasers, here at Mozo we are constantly monitoring the term deposit market, so that we can pass on any key changes to Aussies looking to lock away their cash.
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Over the last few months of 2016, Mozo reported on a range of providers reducing term deposit rates by up to 0.85%, all despite the Reserve Bank keeping the cash rate on hold.
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The lucrative term deposit interest rate hikes of up to 0.85% introduced by Australia’s biggest banks following August’s RBA rate cut have been short lived, as a large number of top rates were reduced last month, according to Mozo data.
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