RaboDirect term deposit 'offers best interest rates'

Aussies going online to compare term deposits might want to consider opening an account with RaboDirect as the internet bank claims its new product is the best on the market.

Those who open a five-year term deposit with the financial institution will add 7.15 per cent a year to their savings, reports the Sydney Morning Herald.

The news provider noted that the bank claims this rate is the best currently on the market.

Savers who want access to their funds before five years are up might consider opting for the one-year term deposit, which pays 6.6 per cent.

This comes after financial adviser Glenn Toddman claimed in a question and answers article for Adelaide Now that 6.6 per cent is at the top end of the rates available to those opening term deposits.

For Aussies who want something in between one and five years, there are varying rates offered by RaboDirect, which improve the longer money is left in the account.

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