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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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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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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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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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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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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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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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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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During the depths of the pandemic, when interest rates hit an all-time low, locking your cash up with a term deposit for a long time wasn’t the most advantageous move. However, with a rapid increase in interest rates over 2023 and following holds in the past few months, term deposits may be in a position to earn some good interest for a while.
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After the Reserve Bank of Australia's (RBA) recent decision to hold rates amidst slowing inflation, NAB and ANZ have adjusted a few of their term deposit rates. This also comes when most economists (including those at the big banks) think that rate cuts are likely later this year.
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