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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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10 things that could change your mind about term deposits
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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NAB and ANZ change term deposit rates after RBA holds
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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Is 2024 the year to fix your savings? What sorts of rates are available
After seeing a meteoric climb in interest rates, the RBA ended last year with a Christmas rate hold. Now many economists predict that the official rate is likely to come down in the second half of 2024.
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