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Term deposits are a simple and easy way of earning interest on cash. However, knowing the right amount to first lock up can be a bit difficult. Part of this, is that you generally can’t withdraw money from term deposits the way you can with a savings account.
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Last year saw a steep hike in rates, fears of a hard landing, and low consumer confidence. As the cash rate hit a decade-long high, savings accounts and term deposits hit some pretty high rates. In fact, some of the rates on offer are still sitting above 5.00%.
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Generating a steady income stream is a priority for a lot of us, especially for those looking to supplement their earnings or secure a stable cash flow in retirement. Term deposits offer a reliable and predictable way to earn income.
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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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