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If you’re not in the financial comparison game like we are here at Mozo, you may be unaware that it’s a lot harder to get a high interest rate on your savings account without some kind of ‘condition’ attached.
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It’s one of the smaller term deposit providers on the block, but Judo Bank certainly isn’t content with just blending in. This banking provider has consistently placed among the top five spots of term deposit providers we track.
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In bad news for savers, March term deposit rates in the 5% range are no longer as common for longer terms. This trend has accelerated following the RBA's recent decision to reduce the cash rate to 4.10% (down 25 basis points), which is now feeding through to deposit products.
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Are you feeling the squeeze from continually high expenses? With the RBA recently reducing the cash rate to 4.10% (down 25 basis points), term deposit rates have also seen adjustments. Despite this change, a term deposit could still be your financial fortress, offering a way to lock your cash up with a high interest rate while it lasts.
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If you're looking to invest in term deposits in 2025, but want to balance higher returns with flexible access to your funds, ‘laddering’ could be the strategy you're looking for.
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Two of the Big 4 banks have begun trimming their term deposit rates in step with possible upcoming RBA cuts.
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If you’ve got some savings that you want to put aside for a rainy day, now might be a good time to consider a term deposit.
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The decision to put some money away in a term deposit should factor in the overall economic outlook. Right now, most predictions centre on inflation.
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With interest rates the highest they've been since 2012, term deposits are back with a roar and proving to be one of the easiest and most secure ways for Aussies to get a decent return on their money. Yet a large proportion of people (48%) have never heard of them, or if they have, ever considered getting one.A recent Mozo survey* found that only 7% of people are currently a term deposit customer despite the fact that interest rates on term deposits can be almost 4 times higher than the average ongoing non-conditional rate of a savings account, which is currently sitting at a miserly 1.30%^.Peter Marshall, Mozo’s banking expert, says that the idea that term deposits are an outdated savings option is completely false. He points out that many term deposits are less restrictive than high interest savings accounts, are easy to set up and manage 100% online and can be fine-tuned to meet your savings goals.“One of the biggest added benefits of a term deposit is that you are guaranteed a fixed rate of return,” he said. “Savings account rates are variable and while this can work in your favour, there are often a lot of hoops to jump through if you want to get the maximum rate and this isn’t always easy. ” So if you are considering where to park your cash, it might be a good time to reconsider taking out a term deposit. Here are the Mozo money editor’s top picks for this month.
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Saving for Christmas can sometimes feel like a last-minute scramble, but what if you could start now and take all the stress out of gift-giving in 2025? Term deposits are a reliable, under-utilised tool that can help you save effectively and make your money work harder. While they’ve been overshadowed by savings accounts and everyday transaction accounts, term deposits offer unique advantages for goal-specific savings like your festive spending.
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