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.
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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?
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With providers slashing rates left, right and centre since the July RBA rate cut, it’s become trickier than ever for Aussie savers to find a top notch place to stash their savings.
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Last Sunday, the Federal Government announced it would be cutting ‘deeming rates’ from 1.75% to 1.00% for small assets for the first time since 2015.
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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.
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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.
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Despite the RBA’s decision to hold off on cash rate cuts for this month, banks are still slashing term deposit rates left, right and centre, spelling bad news for long term savers.
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When it comes to a lump sum of savings, self-managed super or even inheritance, it’s typically more fun to dream of ways to spend the money rather than working out whether a term deposit and savings account is the right place to stash it.
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The financially-savvy and environmentally-minded among us have reason to be happy this week. UBank has just introduced its new Green Term Deposit, giving Australians a chance to grow their savings while making a positive impact on the environment at the same time.
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If you’ve been following term deposits rates lately, you might think their gradual descent spells doom and gloom. After all, February marked the fifth month in a row that we saw more cuts to term deposit rates than we did increases.
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