Term deposit rate slash frenzy: 50 lenders cut since February
If you’re looking to save for a rainy day, then chances are you’ve thought about locking some cash away in a term deposit.
Are term deposits worth it in 2020?
The Reserve Bank’s continuous cuts to the official cash rate over the past 10 years, have left interest rates for term deposits, savings accounts and home loans at an all time low. While back in 2011 you could easily snag a term deposit with an interest rate over 6% p.a., these days you will be hard put to find one higher than 2%*.
Judo Bank Term Deposit wins big in this year’s Mozo Experts Choice Awards
Each year, the team at Mozo combs through hundreds of savings accounts and term deposits and recognises the ones that offer top-notch value as part of the Mozo Experts Choice Awards.
Better safe than sorry: Is now the time to lock in a top notch term deposit?
If you’re a committed saver, then chances are you don’t mind keeping your savings stored away, which is why a term deposit might be on your radar.
Judo Bank reaches $1 billion in deposits and lends 95% of it back to small businesses
Heard of Judo Bank? Well, if you have or if you haven’t, it’s a name that you’ll be hearing more and more about.
Judo Bank bucking the trend with new 2.50% term deposit rate
Challenger bank Judo Bank has today unveiled a host of term deposit rate changes, chief among them a 0.25% increase to its five year term deposit rate which now sits at 2.50%.
NAB slashes term deposit rates again: 55 banks cut this month in ‘race to the bottom’
Aussie long-term savers, you’re in for some bad news: in light of multiple Reserve Bank cuts this year, term deposit rates have tumbled once again, with big bank NAB today announcing another series of cuts between 10 to 20 basis points.
Transferring money into an online term deposit? Watch out for this fee trap
If you’ve got some spare cash you’d like to invest, locking it away in a term deposit is a surefire way to see it grow. But did you know that setting up a term deposit can sometimes come with hidden costs?
Term deposit cuts accelerate following RBA rate cut
While savings accounts mostly held strong in the lead up to the RBA rate cut, term deposits rates have been tumbling for months now. In April, we recorded a total of 35 institutions reducing term deposit rates. That number jumped up to 51 in May.
With the RBA rate cuts, Mozo experts say “we’re heading towards a recession”
With the RBA dragging the cash rate down to an all-time low of 1.25%, Aussies can inevitably expect to see their already low returns on savings suffer even more. It’s more important now than ever to snatch up a killer term deposit or high-interest savings account to give yourself the best chance of a good return.