With the RBA dragging the cash rate down to an all-time low of 1.25%, Aussies can inevitably expect to see their already low returns on savings suffer even more. It’s more important now than ever to snatch up a killer term deposit or high-interest savings account to give yourself the best chance of a good return.
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Despite the RBA’s decision to hold off on cash rate cuts for this month, banks are still slashing term deposit rates left, right and centre, spelling bad news for long term savers.
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When it comes to a lump sum of savings, self-managed super or even inheritance, it’s typically more fun to dream of ways to spend the money rather than working out whether a term deposit and savings account is the right place to stash it.
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The financially-savvy and environmentally-minded among us have reason to be happy this week. UBank has just introduced its new Green Term Deposit, giving Australians a chance to grow their savings while making a positive impact on the environment at the same time.
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If you’ve been following term deposits rates lately, you might think their gradual descent spells doom and gloom. After all, February marked the fifth month in a row that we saw more cuts to term deposit rates than we did increases.
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It’s that time of year again. The sixth Mozo Experts Choice Awards are well underway and our office is abuzz as we announce the top products in Australian banking.
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Beleaguered Aussie savers will be glad to hear that it's not all bad news when it comes to term deposit interest rates - although it's not great news either.
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If you’ve been thinking of putting some money into a term deposit now might be the time, as Teachers Mutual Bank Limited and Gateway Bank have announced increases to their standard term deposit interest rates.
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Everyone with a term deposit knows that once you deposit your cash, it’s hands-off until the term period ends.
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Term deposit rates for terms of 1 - 3 years are at the highest they've been since 2017, upholding the continuous trend of rate increases.
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