Fall in love with term deposits - the savings product that no one told you about
Commitment-phobes beware because we’re talking term deposits!
How a term deposit can earn you extra savings
What's the point of a term deposit? Despite my role as a finance journalist, I was recently stumped in answering this question.
AMP Bank and Adelaide Bank now offer term deposit rates above 2.00% p.a.
AMP Bank has announced new increases to its term deposit rates.
Term deposits November: AMP, Judo, Heritage Bank and more increase rates in last few months of 2021
Over the last few months, more than a few term deposit providers have been increasing rates. In October alone Mozo’s research team counted 51 interest rate increases from 10 term deposit providers tracked in our database.**
Term deposits to lead the way in interest rate increases
The last few years haven’t been great for savers. After six cash rate cuts in 2019 and 2020, interest rates across the board have fallen, including for home loans, savings accounts and of course term deposits.
Term deposits snapshot: Interest rate cuts predicted to slow down in September
Interest rates for term deposits have felt a bit like a free falling roller coaster for the past few months. The good news is these relentless cuts might actually be slowing down. Or in other words, we might be coming to the end of the ride.
Term deposits in August: Rates drop but are there still perks?
If you were hoping for a dramatic change in term deposits, then you’ll be sorely disappointed. Around 70 of the 86 financial providers Mozo tracks dropped interest rates in July and our experts predict cuts will continue throughout August. What you might be surprised to hear is that even after all that, there are still perks to locking your money away in a term.
Judo Bank tops three and six month term deposits
With MOVE Bank cutting interest rates by as much as 40 basis points today, term deposits have once again been shaken up.
July term deposits snapshot: Rates above 2% a thing of the past as banks continue to make cuts
Term deposit rates at or above 2% are officially a thing of the past according to Mozo data*.
How to spend your Qantas refund wisely
Following pressure from the Australian Competition and Consumer Commission’s Covid-19 Taskforce (ACCC), Qantas made the decision late last week to refund passengers whose flights had been cancelled due to travel restrictions.