The Reserve Bank’s continuous cuts to the official cash rate over the past 10 years, have left interest rates for term deposits, savings accounts and home loans at an all time low. While back in 2011 you could easily snag a term deposit with an interest rate over 6% p.a., these days you will be hard put to find one higher than 2%*.
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Each year, the team at Mozo combs through hundreds of savings accounts and term deposits and recognises the ones that offer top-notch value as part of the Mozo Experts Choice Awards.
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If you’re a committed saver, then chances are you don’t mind keeping your savings stored away, which is why a term deposit might be on your radar.
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Heard of Judo Bank? Well, if you have or if you haven’t, it’s a name that you’ll be hearing more and more about.
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Challenger bank Judo Bank has today unveiled a host of term deposit rate changes, chief among them a 0.25% increase to its five year term deposit rate which now sits at 2.50%.
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Aussie long-term savers, you’re in for some bad news: in light of multiple Reserve Bank cuts this year, term deposit rates have tumbled once again, with big bank NAB today announcing another series of cuts between 10 to 20 basis points.
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If you’ve got some spare cash you’d like to invest, locking it away in a term deposit is a surefire way to see it grow. But did you know that setting up a term deposit can sometimes come with hidden costs?
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With providers slashing rates left, right and centre since the July RBA rate cut, it’s become trickier than ever for Aussie savers to find a top notch place to stash their savings.
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Last Sunday, the Federal Government announced it would be cutting ‘deeming rates’ from 1.75% to 1.00% for small assets for the first time since 2015.
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While savings accounts mostly held strong in the lead up to the RBA rate cut, term deposits rates have been tumbling for months now. In April, we recorded a total of 35 institutions reducing term deposit rates. That number jumped up to 51 in May.
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