Australian savers hardly need reminding of the steady fall in term deposit and savings account rates in recent years - a trend accelerated by five Reserve Bank cuts to the official cash rate in 12 months.
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A number of term deposits with rates towards the higher end of the market have been tweaked in recent days, including offers from Judo Bank, Rabobank and UBank.
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If you were following term deposit rates in April, then your head is probably in a bit of a spin.
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Kudos go to Qudos Bank this morning, as it increases three to twelve month term deposit rates amidst the COVID-19 crisis.
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One month on from the Reserve Bank’s emergency cash rate cut in mid-March and something a little unexpected is happening in the world of savings. Amongst all the interest rate decreases, it would seem that one-year term deposit rates are actually increasing.
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Your Easter feast is going to be a little different this year. With strict COVID-19 social distancing measures now in place, you’ll undoubtedly have fewer partygoers at the table. You might also have to make do with a shorter grocery list or rely on home delivery if you’re quarantining.
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Aussies love a long weekend. But this Easter things are looking a little different than the usual four-day getaways, easter-egg hunts and long lunches with the extended family.
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It’s understandable if you’re becoming increasingly cautious about where to store your hard-earned nest egg in 2020. The March RBA rate cuts and uncertain economic environment hasn’t been kind to savers, even with some banks recently giving term deposits a boost.
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Judo Bank has opted to increase its six-month term deposit rate to 2.12% p.a. today, joining several other banks that have hiked rates following this month’s surprise RBA cut. The 2020 Mozo Experts Choice Award winner now offers rates of between 2.05% p.a. and 2.15% p.a. on three month to five year terms.
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It’s no secret savings rates have been plummeting non-stop over the past year, but this time round, the big banks seem to have bucked the trend.
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