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Bank of Sydney looks to lure savers with some of its short term term deposits
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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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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Are smaller banks offering the best 1-year Term Deposits?
Getting the best interest rate for your cash often means shopping around for providers who are offering the best rates. While it can be tempting to lock in the longest rate possible with a term deposit, right now the shorter term is generally offering the highest rates. This is because many banks are anticipating rate cuts on the cards for later this year.
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Term deposit rate hikes for MyState Bank sees 7 month term hit 5.00%p.a.
MyState Bank has upped the interest rate of its 7 month term deposit rate by 1.50% p.a today to 5.00% p.a.
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New to term deposits? Here’s the reason why you should try one
Knowing what kind of savings vehicle to park your cash in can be overwhelming , especially for those who are just getting started. However, term deposits are one kind of savings vehicle that should be on your radar.
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Can you still get a good rate on a 5-year term deposit?
Interest rates had some of their steepest growth in the past two years, with term deposits ending up with some pretty high rates. However, with the RBA holding rates for the past few months and CPI inflation slowing, many economists are predicting rate cuts for later in the year.
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How does Bank of Sydney’s 5.00% p.a 1-year rate compare?
Since the RBA started holding rates at the end of last year, term deposit providers have made small downward revisions to rates. As rate cuts are on the cards for later this year, longer term rates have seen the biggest cuts. However, there are still some great short term rates that might be worth parking your cash for.
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How much should you start a term deposit with?
Term deposits are a simple and easy way of earning interest on cash. However, knowing the right amount to first lock up can be a bit difficult. Part of this, is that you generally can’t withdraw money from term deposits the way you can with a savings account.
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Judo Bank still leading? Which term deposit provider has the highest rates for March 2024
Last year saw a steep hike in rates, fears of a hard landing, and low consumer confidence. As the cash rate hit a decade-long high, savings accounts and term deposits hit some pretty high rates. In fact, some of the rates on offer are still sitting above 5.00%.
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Can term deposits be a source of income?
Generating a steady income stream is a priority for a lot of us, especially for those looking to supplement their earnings or secure a stable cash flow in retirement. Term deposits offer a reliable and predictable way to earn income.
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