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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Interest rates for term deposits have felt a bit like a free falling roller coaster for the past few months. The good news is these relentless cuts might actually be slowing down. Or in other words, we might be coming to the end of the ride.
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2020 isn’t shaping up to be a great year for Aussie savers. Plummeting rates have left savings accounts across the board looking worse for wear, and term deposits haven’t been spared all that much either.
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If you were hoping for a dramatic change in term deposits, then you’ll be sorely disappointed. Around 70 of the 86 financial providers Mozo tracks dropped interest rates in July and our experts predict cuts will continue throughout August. What you might be surprised to hear is that even after all that, there are still perks to locking your money away in a term.
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With MOVE Bank cutting interest rates by as much as 40 basis points today, term deposits have once again been shaken up.
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Term deposit rates at or above 2% are officially a thing of the past according to Mozo data*.
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Following pressure from the Australian Competition and Consumer Commission’s Covid-19 Taskforce (ACCC), Qantas made the decision late last week to refund passengers whose flights had been cancelled due to travel restrictions.
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Term deposits certainly didn’t stand still in May with Mozo counting a whopping 500 individual interest rate cuts from 60 different banks and credit unions*.
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Australian savers hardly need reminding of the steady fall in term deposit and savings account rates in recent years - a trend accelerated by five Reserve Bank cuts to the official cash rate in 12 months.
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