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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Term deposits are a no-brainer for some savers because you simply stash your money away and forget it. Then with a good interest rate, your initial deposit comes back a little bigger.
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Commitment-phobes beware because we’re talking term deposits!
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What's the point of a term deposit? Despite my role as a finance journalist, I was recently stumped in answering this question.
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AMP Bank has announced new increases to its term deposit rates.
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Over the last few months, more than a few term deposit providers have been increasing rates. In October alone Mozo’s research team counted 51 interest rate increases from 10 term deposit providers tracked in our database.**
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The last few years haven’t been great for savers. After six cash rate cuts in 2019 and 2020, interest rates across the board have fallen, including for home loans, savings accounts and of course term deposits.
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Despite the Reserve Bank having made no further cuts to the cash rate this year, interest rates for term deposits are still very much on a downward spiral.
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