term deposits: top interest rates
Find the best term deposit interest rate in Australia
Current term deposit rates are very favourable. Rates over 6%p.a. for over 5 months have been coming in and out of the market. Term deposits are even more attractive in light of these interest rates being accessible on a risk free investment. What’s not to love about term deposits right now?
Banks are competing madly for deposits, making it a great time to be a saver. A price war between the banks for your savings means interest rates applied to savings accounts have moved up sharply. Interest rates are particularly generous on term deposits.
Term deposits rates, relative to the RBA cash rate and inflation, are offering outstanding vlaue. For those savers with the discipline to lock their cash away for an extended period in a term deposit, the banks are ready to reward you handsomely.
The increase in rates is a partially due to the RBA gradually lifting the cash rate from the historic lows of 3% since October 2009. However, the real upward influence on term deposit rates is due to the demand for cash to fund the big 4 bank's lending books. Banks require your savings to lend now that funds can no longer be sourced cheaply offshore.
Term deposits were once considered boring and restrictive. Not any more.