Term deposits continued their descent last month, with 71 out of the 86 providers we track cutting rates for at least one term. In total, we recorded 785 cuts in November, bringing the average 12 month rate down to just 0.65% p.a. - a difference of 11 bp from the previous month.
All major banks revised their rate sheets. ANZ trimmed 20 bp off all terms, Commonwealth Bank and NAB cut between 5 and 15 bp across the board, and Westpac also reduced rates for all offerings by between 5 and 25 bp.
For those looking to lock away their savings in such a low interest rate environment, providers like Judo Bank are well worth a look. Judo currently offers rates of between 0.97% p.a. and 1.25% p.a. on 1 year to 5 year investment options. For shorter terms, Bankvic and Australian Military Bank also offer decent value, with rates as high as 0.85% p.a. available on 6, 7, 8 and 9 month terms.
^See information about the Mozo Experts Choice Term deposits Awards
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