During the depths of the pandemic, when interest rates hit an all-time low, locking your cash up with a term deposit for a long time wasn’t the most advantageous move. However, with a rapid increase in interest rates over 2023 and following holds in the past few months, term deposits may be in a position to earn some good interest for a while.
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After the Reserve Bank of Australia's (RBA) recent decision to hold rates amidst slowing inflation, NAB and ANZ have adjusted a few of their term deposit rates. This also comes when most economists (including those at the big banks) think that rate cuts are likely later this year.
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After seeing a meteoric climb in interest rates, the RBA ended last year with a Christmas rate hold. Now many economists predict that the official rate is likely to come down in the second half of 2024.
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NAB has a well-being index that tells us quite a bit about how much Aussies want to save, matched up against how much they actually stash away, on average.
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As the year comes to a close and we reflect, some of us might be thinking about how we might better go about achieving our savings goals. You might not realise it but savings accounts aren’t the only tool in our financial belt.
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Rising interest rates have had at least one positive side effect: term deposit rates are looking better and better. And if you are looking for a secure place to stash your money for the short or long term, there’s one bank leading the pack on rates.
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Big bank ANZ reduced several term deposit rates last month, with the biggest drop being 60bp (0.60%) on its 4-month term rate, as per Mozo data.
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With interest rates sitting high, more Aussies are looking to park their savings in a safe place to help their money grow. One way people are achieving this is by taking out a short 6 month term deposit, but is it worth doing?
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Term deposit rates are rising faster than high interest savings accounts rates right now, causing fixed deposit rates to hit highs not seen in years and fuelling a surge in consumer demand.
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Commonweatlh Bank now offers a special 18-month term deposit with a 4.00% p.a. interest rate.
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