Stashing away a stack of cash in a good value term deposit might have been a surefire way to grow your nest egg in years gone by, but over the past 18 months saving rates have been on a downward spiral - until now that is.
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Long-term savers may soon get some much-needed relief, with term deposit rates trending upward, and an innovative new product from Bank First recently hitting the market.
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If it’s time you locked your rainy day fund away to grow, you might be on the hunt for an excellent term deposit offer - and the good news is, for those who know where to look, there are still some top spots to stash your savings.
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Savers looking for a ray of sunshine to start the new year could be forgiven for shedding a tear, with the first few weeks of 2018 seeing the ongoing downward trend of many term deposit rates continue.
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Australians looking for a safe place to stash their savings could be forgiven for glancing at term deposit rates with a weary eye, especially given the fact that, according to Mozo data, there have been 65 cuts from providers already this month.
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Term deposit rates have been falling for months now, but recently there have been a few good value options available for savvy savers who know where to look, Mozo data shows.
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ANZ has bucked the trend of falling term deposit rates by upping its 9-month Advance Notice Term Deposit rate by 50 basis points to 2.70% as a handful of banks and financial providers continue to cut rates.
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In a surprise move potentially indicating the bank is preparing for a higher cash rate climate, ANZ has lifted term deposit interest rates attached to its 1, 2 and 3 year terms.
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Only nine months ago, the average 2 year term deposit rate offered by the big banks was 3.13%, fast forward to present day and for the same term savers are facing a return of just 2.48%.
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Stashing cash in a term deposit with a high interest rate is known for being a safe way to grow funds, however savers may be disappointed to hear that over the last two months a number of banks have reduced the value of their deposit accounts.
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