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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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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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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If current cost of living pains have you wanting to lock up your savings and throw away the key, then a term deposit might be the way to do it. But, with savings account and term deposit providers beginning to revise some rates downwards, you might be wondering if now is the right time.
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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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